- Only 42 percent know that a credit score measures the risk of not repaying a loan rather than factors such as knowledge of, or attitude to, consumer credit.
- Only half of consumers (50%) understand the three instances when lenders who use generic credit scores are required to inform borrowers of the credit score used in the lending decision – after application for a mortgage loan, whenever an application for a consumer or mortgage loan is rejected, and whenever the best terms, including lowest interest rate available, are not offered on a consumer or mortgage loan.
Test Your Credit Score Knowledge
Your credit score can affect many parts of your financial life. And while the large majority of consumers have basic knowledge about credit scores, there are a few knowledge gaps according to the Consumer Federation of America’s latest survey findings:
To encourage more
individuals to increase their credit score knowledge and complete the quiz at CreditScoreQuiz.org, Vantage Score
and Consumer Federation of America (CFA) are offering those who complete the
quiz the opportunity to enter a drawing for a $500 gift card. The 20 –question interactive
quiz allows consumers to test their knowledge of credit scores and receive the
correct responses with explanations. The quiz is available in both English and