Recently, VantageScore Solutions and the Consumer Federation of American conducted a survey to find out how many people were knowledgeable when it came to credit scores and their affects on finances. The majority of people knew what a credit score was all about, how to increase it, and that they needed to pay on time to maintain reputable credit. There were some aspects of the in’s and out’s of credit scores however, that left some scratching their heads. Here is a summary of the major facts people were unaware of.
According to SmartCredit:
• 40% believed that age and marital status had an impact on credit scores, although this is incorrect
• More than half did not know that cell phone companies, utility providers, and landlords use credit scores to determine factors like rates, deposits, approvals, and down payments
• 80% did not correctly estimate the impact a low score could have on auto loans. The Consumer Federation of American noted that those with low scores could pay a significantly higher interest rate
• Only 37% felt that credit reporting agencies were helpful in correcting report errors and improving scores
If you find yourself feeling like you belong in any of the above statistics, SmartAsset may be able to help you out with some of these issues. We put assembled a series of tips and resources to help you become a credit guru.
What is Credit?
If you are like me and are among the recently graduated, you are likely still being initiated into all this personal finance stuff. It can be confusing and daunting, but this SmartAsset post will fill you in on what a credit report is.
How Do I Prevent a Bad Credit Score?
Now that you are up to date on what this score is, it is important to know which factors can improve or damage it. Here’s a list of 10 ways you can hurt your score.
What Is a Good Credit Score Worth?
Okay, so now you know what not to do in order to maintain a good score. But what is this score good for? Does it really matter these days? Check out what your score is good for, and how it may affect you.
Does Medical Debt Affect My Score?
There is plenty of talk on the effects medical debt is having on the economy. But what affect does medical debt have on your credit? This post will help you figure out how your credit and medical debt affect one another.
We’ve Got Your Back
Many questions about credit scores arise and need answering before you make the smartest decision regarding your spending, investing, and saving. Luckily, SmartAsset has gathered the above information and much more when it comes to credit (and all matters of personal finance).