|
|
Home | Submit Press Release | Advertise | Submit Website
(EMAILWIRE.COM, May 17, 2013 ) San Francisco, CA -- With almost everyone knowing that paying loans on time helps credit scores, a surprising number of individuals are not of much else in regards to their person credit score. This, according to a new survey that was taken by VantageScore.
The survey showed a wide range of misnomers when it came to understanding one's score and how it is calculated. Many others failed to understand exactly how scoring occurred. Anywhere between one-quarter and two-fifths of adults were unable to answer basic questions correctly, in regards to their person scores' calculations. The survey was released this month, by the Consumer Federation of America, in cooperation with VantageScore Solutions.
Just over half of Americans (55%) rated their knowledge of their own credit score as “good” or “excellent”.
Nearly 40% of all those who responded to the survey had no idea that their credit card issuers score the individual before giving them a particular pricing level available. The very same percentage thought that age and marital status affected the credit scores. Another 25% had no clue that making sure a credit card balance remained low and not applying for multiple cards simultaneously helped to better an overall score. A whopping 19 out of every 20 surveyed did know that repaying loans on time was a factor in improving or sustaining a quality loan score.
"Misperceptions about credit scores are extremely concerning" Barrett Burns, president and chief executive of VantageScore, said in the news release. "People who fail to understand exactly what can impact their score have little incentive to manage the real things that truly do make a difference, such things as paying bills on time, keeping credit card balances low, and not taking out unnecessary loans."
Women proved to be better informed than men, according to the study. Women were found to understand affective factors of the score, and knew what a good score was, as well as that scores are free to attain.
About FreeScoreGov.com
Free Score Gov (http://freescoregov.com) provides quick and easy credit score information for all visitors. Find out how easy it is to know your score today with free credit report gov.
Freescoregov.com
Benjamin Wrights
4157669098
news@postpressrelease.com 
Source: EmailWire.com
|
|
