New Credit Score Survey Shows Widespread Misinformation

Martha C. White
Credit card logos
Credit card logos

Consumer advocacy group the Consumer Federation of America, along with generic credit-score provider VantageScore Solutions, released the results of new research showing that most of us don't know as much as we should about credit scores, a knowledge gap that can prove costly. According to the two organizations' survey of 1,000 Americans, more than one-fifth of respondents admitted their knowledge of credit scores was "poor," according to survey data. As it turns out, even those of us who think we know credit scores may overestimate our grasp of the facts. For instance, a significant number believe a person's age or marital status affect their credit score.

People who are proactive about their scores tend to be more aware and, as a result, be more familiar with the ins and outs of the credit-scoring system. Survey respondents who had obtained their numbers scored 10 percentage points higher on the survey questions than those who had never obtained a credit score. Even with this advantage, a shocking 71% of respondents failed to correctly answer which types of service providers use credit scores to determine who can get credit and at what price.