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.
“The rising percentage of consumers who have obtained their credit scores is encouraging because those who have accessed their scores know much more than those who have not,” noted Steve Brobeck, executive director, CFA. “It is also encouraging that those who plan to borrow are more likely to have obtained their credit scores and know more about scores than non-borrowers,” he added.
To improve their credit knowledge, nearly 200,000 individuals have taken an online credit score quiz (www.CreditScoreQuiz.org) developed and maintained by CFA and VantageScore.
“CreditScoreQuiz.org is one of the only resources that is free from commercial conflicts and created with both industry and advocacy input,” said Barrett Burns, president & CEO of VantageScore Solutions. “Whether you are an educator or a consumer, it’s a terrific resource that can enable financial empowerment.”