Survey Shows An Increasing Number of Consumers Have Obtained Their Credit Scores and Know Much More About Credit Scores · Consumer Federation of America

Washington, D.C. – The eighth annual credit score survey, released today by the Consumer Federation of America (CFA) and VantageScore Solutions, LLC, clearly shows that those recently obtaining their credit scores know much more about scoring than do those who have not obtained their scores.

The survey also reveals that, over the past four years, the percentage of consumers who have recently obtained at least one credit score has risen significantly. The proportion who said they “obtained or received any credit scores” in the past year, has risen – from 49 percent in 2014 to 57 percent in 2018.

According to the survey, potential borrowers are more likely to have obtained their score than non-borrowers. Seventy percent of those who intend to purchase a consumer or mortgage loan in the next year, compared to 57 percent who were not planning to borrow, said that they had obtained a credit score in the past year. And not surprisingly, these potential borrowers know somewhat more about credit scores than non-borrowers, with scores on individual questions that are typically 5-10 percentage points higher.

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