WASHINGTON, D.C.–(BUSINESS WIRE)–The fifth annual national credit score survey, released today by the Consumer Federation of America (CFA) and VantageScore Solutions, LLC, reveals a small, across-the-board improvement in consumer knowledge about credit scores over the past year. For example, fewer Americans correctly think that age, marital status, and ethnicity are not used to calculate credit scores, and a higher percentage understand that making all loan payments on time, using a credit card but keeping low balances, and avoiding opening several credit card accounts at the same time will raise a low credit score or maintain a high one.
However, serious consumer knowledge gaps remain. For example, only 20 percent of Americans know that low credit scores are likely to increase the finance charges on a $20,000, 60-month car loan by more than $5,000. Moreover, more than two-fifths (41%) incorrectly think that the additional charges would be less than $3,000. Read more here.