credit score knowledge 2016consumer survey: summary … · what consumers can do to raise their...

©ConsumerFedera.onofAmericaandVantageScoreSolu.ons,LLC,2016

CREDITSCOREKNOWLEDGE2016ConsumerSurvey:SummaryResults


SurveyObjectives

•  Measureconsumerknowledgeofcreditscoresaspartofanannualtrackingstudy

•  Use2016results(sixthinstallment)toaddtoknowledgegainedin2011-2015

•  Reportonchangesinconsumerknowledgeasameanstospotlightneedforpersonal

financeeduca.onintheareaofcreditscores

•  Iden.fydemographicdis.nc.onswithinthesurveydata,withaneyetowardrefining

outreachwitheduca.onalmaterialsandmessaging

2


Methodology

•  TelephonesurveyconductedinApril2016

•  18ques.onsadministeredbyORCInterna.onal

•  Na.onalsampleof1,005adults

•  501menand504women

•  18yearsofageandolder•  Livinginprivatehouseholdsinthecon.nentalUnitedStates

•  In2011and2012,CFAandVantageScoreSolu.onsundertooksimilarsurveysof

consumerknowledge,butresponsesfromthosesurveyscannotreliablybecompared

withthosefrom2013-2015becauseoftwochangesthatmayaffectthecharacterof

thesamplepopula.ons:In2013-2016,unlike2011and2012,callsweremadetocell

phonesaswellastolandlinephonesandaXerrespondentsansweredeachques.on,

theywerenotgiventhecorrectanswers.Eventhoughthe2011and2012surveys

weredesignedsothattheseanswerscouldnothelpwithsubsequentques.ons,

thesesurveysrequiredmuchmore.mefromrespondents,whichmayhave

influencedtheirresponses.

3


ExecutiveSummary

Thesixthannualcreditscoreknowledgesurveyfoundthatalargemajorityofconsumers(over80%)knowthebasicfactsaboutcreditscores:

•  Creditscoresareusedbymortgagelenders(88%)andcreditcardissuers(87%).

•  Keyfactorsusedtocalculatecreditscoresaremissedpayments(91%),personal

bankruptcy(86%),andhighcreditcardbalances(85%).

•  Ethnicoriginisnotusedtocalculatethesescores(believedbyonly12%).

•  700isagoodcreditscore(81%).

4


ExecutiveSummary(cont’d.)

Thena@onalsurveyalsofoundthatmanyconsumersdonotunderstandcreditscoredetailswithimportantcostimplica@ons:

•  Consumersgreatlyunderes.matethecostoflowcreditscores.Only25percentknow

thatalowscore,comparedtoahighscore,typicallyincreasesthecostofa$20,000,

60-monthautoloanbymorethan$5,000.

•  Asignificantminoritydonotknowthatcreditscoresareusedbynon-creditors,oXen

inwayswithfinancialimplica.onsforconsumers:Onlyabouthalf(53%)knowthat

electricu.li.esmayusecreditscores(forexample,indeterminingtheini.alrequired

deposit),whileonlyabouttwo-thirdsknowthatthesescoresmaybeusedbyhome

insurers(66%),cellphonecompanies(68%),andlandlords(70%).

5


ExecutiveSummary(cont’d.)

Thena@onalsurveyalsofoundconfusionamongmanyconsumersaboutthefactorsthatdeterminecreditscoresandtheobliga@onslendershavetoinformthemabouttheirscores:

•  Roughlytwo-fiXhsthinkthatmaritalstatus(38%)andage(45%)areusedinthe

calcula.onofcreditscores.Whilethesefactorsmayinfluencetheuseofcredit,how

creditisuseddeterminescreditscores.

•  Onlyabouthalfofconsumers(51%)knowwhenlendersarerequiredtoinform

borrowersoftheiruseofcreditscores-aXeramortgageapplica.on,whena

consumerdoesnotreceivethebesttermsonaconsumerloan,andwhenevera

consumerifturneddownforaloan.

6


TheMostImportantThingsConsumersShouldKnowAboutCreditScores

•  Creditscoresareimportantinthattheyinfluencewhetherconsumerscanpurchasea

widerangeofimportantservicesand/oratwhatprice.

•  Anindividualhasmanydifferentcreditscores,whichareeithergenericorlender-

based.

•  Genericcreditscoresareavailablefrommanysources--notjustFICOandthethree

creditbureaus.

•  Mostscores,however,arebasedoninforma.oninacreditreportatoneofthethree

bureaus,althoughsomewebsitesallowconsumerstoes.matetheirscoreby

answeringques.onsabouttheircredituse.

•  Scoresbasedoncreditreportsfromoneofthethreemaincreditbureaus--Experian,

Equifax,andTransUnion--mayu.lizeeitherofthetwomainscoringsystems,FICOor

VantageScore.FICOscoringmodelsandtherecentlyreleasedVantageScore3.0

modelgeneratescoresinarangefrom300to850.EarlierVantageScoremodelsusea

rangeof501to990.

7



•  Consumerbehaviorstronglyinfluencescreditscores,especiallywhetherpayments

aremadeon.me,andit'seasiertolowerthantoraisescores.

•  Carelesslatepaymentsonacoupleofcreditcardsoronamortgagemaytakeayearofon-

.mepaymentstorestoreone'soldscores.

•  Theaccuracyofinforma.oninone'screditreportsatthethreebureaus--Experian,

Equifax,andTransUnion–canalsosignificantlyinfluencecreditscores.

•  Youcanaccessthesereportsforfreethroughthewebsite–www.AnnualCreditReport.com--

orbycalling877-322-8228,andshouldcertainlydosobeforeseekingamortgageorcarloan.

8



•  Evenifyouhavehighcreditscores,andespeciallyifyouhavelowerones,itisessen.altocomparison-shopforcredit.

•  Majorlendersusesomewhatdifferentcriteriaintheirowncreditscores,andevenwhenthey

usethesamescore,theymayassigndifferentriskstoit.

•  Forexample,usingthesamescoreforanindividual,onelendermayplacethatpersonina

higher-risksubprimecategorywhileanotherlendermayassignthatpersontoalower-risk

(andlowercost)primecategory.

•  Beveryskep.calofcreditrepaircompanies.

•  Consumerprotec.onofficialsagreetheyoXenoverpromise,chargehighprices,andperform

services,suchascorrec.ngcreditreportinaccuracies,thatconsumerscoulddothemselvesby

simplycontac.ngthelenderandthecreditbureaus.

•  Creditrepair“services,”whichpromiseaquickimprovementinyourcreditscore,shouldnot

beconfusedwithlegi.mate,cer.fiedcreditcounselors.Creditcounselors,whoseservicesare

oXenavailableatlimleornocost,canhelpyoudevelopalong-termplanforimprovingyour

creditprofile,withafocusondevelopingandmaintaininggoodfinancialhabits.

9


WhatConsumersCanDotoRaisetheirCreditScores

Consumerscanraisetheircreditscoresinmanyways:

•  Paybillson.meconsistently,everymonth.

•  Avoidmaxingout,orevencomingclosetomaxingout,creditcardsorotherrevolving

creditaccounts.(VantageScoreSolu.onsrecommendskeepingoutstandingcharges

atorbelow30percentofyourcreditlimit.)

•  Paydowndebt,don’tjustmoveitaroundfromoneaccounttoanother.

•  Avoidopeningmul.plenewaccountsatthesame.me,orinquicksuccession.

•  Checkcreditreportsregularly(atleastonceayear,atthefreeAnnualCreditReport.comwebsite).

10


FindtheCreditScoreQuizOnline

•  Thenewlyenhancedwebsiteallowsconsumerstotesttheirknowledgeoncreditscores

throughaninterac.ve12-ques.onquiz

•  Thesiteisafuntoolthatdeliversanswerstoeachques.onwithexplana.onssothatconsumerscaninformthemselvesaboutthelatestcreditscoreinforma.on.

•  Op.mizedforsmartphones,tablets,andPCs

•  Morethan62,000peoplehavecompletedthequiz,including

morethan17,000inthepastyear.

•  Tryittoday:www.CreditScoreQuiz.org

•  AlsoavailableinSpanish:CreditScoreQuiz.org/Espanol

11


Whatthepressaresaying…•  Headline:Howcanyouboostacreditscore?Manyhavenoclue

•  DetroitFreePressAuthor:SusanTompor

Excerpt:Whatyoudon'tknowcanhurtyourcreditscore.…Formanyconsumers,it'sallaboutge<ngabe=ereduca>on.Andtherearesomeonlineop>onsforlearningmoreonhowtobuildabe=ercreditscore.Oneop>onisCreditScoreQuiz.orgfora12-ques>onquiz.Thesiteisatoolthat'sofferedthroughtheConsumerFedera>onofAmericaandVantageScoreSolu>ons..

•  Headline:Areyoudumbaboutcreditscores?Trythisquiz•  ChicagoTribune

Author:GregoryKarp

Excerpt:Scoresareabigdeal.Aconsumerwithlowcreditscorescouldpay$5,000moreininterestoverthelifeofatypicalfive-yearcarloanthanaconsumerwithhighscores,whichhighlightstheneedtoknowabouttheoTen-confusingtopic,consumeradvocatessaidMonday.…Theonline12-ques>onquiz,newlyredesignedandreleasedMonday,isatcreditscorequiz.organdwasdevelopedbytheConsumerFedera>onofAmericaandVantageScoreSolu>ons.

•  Headline:FiveCreditScoreMisconcep@onsThatCanCostYou•  Forbes.com

Author:AshleaEbeling

Excerpt:Keyfactorsaboutcreditscorescon>nuetobewidelymisunderstood,andthemisconcep>onsarepoten>allycos>ngconsumerstensofthousandsofdollars,accordingtoaconferenceheldtodaybytheConsumerFedera>onofAmericaandVantageScoreSolu>ons,aFICOcompe>tor…Wanttoknowmore?Takethe18-ques>onCFA/VantageScorequiz(withdetailedanswers)atwww.creditscorequiz.org.

•  Headline:NuancesofCreditScoringS@llEludeConsumers•  NYTimes.com

Author:AnnCarrns

Excerpt:Consumerss>llhavemanymisunderstandingsaboutthedetailsofcreditscoring,liketheimpactofhavingseveralinquiriesontheirreportaroundthesame>me,accordingtheConsumerFedera>onofAmerica.…Toseehowmuchyouknowaboutcreditscores,andhowtoimprovethem,answertheques>onsatcreditscorequiz.org. 12


SURVEYQUESTIONS&RESULTS

13


Ques@on1:Doyouconsideryourknowledgeofcreditscorestobeexcellent,good,fair,

orpoor?§  Excellent

§  Good

§  Fair

§  Poor

§  Don’tKnow/Refuse

14

Excellent

17%

Good

33%Fair

30%

Poor

19%

Don'tKnow/Refused

1%


Ques@on2:Whichofthefollowingmightusecreditscores?§  ElectricU.lity

§  CellPhoneCompany

§  HomeInsurer

§  Landlord

§  CreditCardIssuer

§  MortgageLender

§  AllofThese

§  Don’tKnow

Explana@on:Theansweris‘AllofThese’.Alloftheseserviceprovidersmayusecreditscorestohelp

themdecidewhethertosellaloan,provideaservice,ordetermineadepositordownpayment.

15

36

671

298

581

570

401

365

383

227

0 100 200 300 400 500 600 700 800

Don'tKnow

Totalincomplete/incorrectresponses

Allofthese(correctresponse)

MortgageLender

CreditCardIssuer

Landlord

HomeInsurer

CellPhoneCompany

ElectricU.lity

NumberofResponses(Mul@pleselec@onspermiUed.)


Ques@on3:Ona$20,000,60-monthautoloan,abouthowmuchmorewouldaborrowerwithalowcreditscorepaythanaborrowerwithahighscore?Wouldyousay...§  Under$1,000

§  $1,000-$3,000

§  $3,000-$5,000

§  Morethan$5,000

§  Don’tKnow

Explana@on:Theansweris‘Morethan$5,000’.Onatypicalautoloanfromabank,aborrowerwithalow

scorewouldbechargedahigherinterestrateandlikelypayatleast$5,000more.

16

54

704

246

298

283

123

0 100 200 300 400 500 600 700 800

Don'tKnow

Totalincorrectresponses

Morethan$5,000(Correctresponse)

$3,000-$5,000

$1,000-$3,000

Under$1,000

NumberofResponses


Ques@on4:Whichofthefollowingdoesacreditscoretypicallymeasure?§  AutudeTowardCredit

§  KnowledgeofConsumerCredit

§  FinancialResourcestoPayBackLoans

§  AmountofConsumerDebt

§  RiskofNotPayingaLoan

§  Don’tKnow

Explana@on:Theansweris‘RiskofNotPayingaLoan’.Theotherfactorsmayinfluencethisrisk,butitisthe

riskitselfthatacreditscoretriestomeasure.

17

36

541

428

209

219

68

44

0 100 200 300 400 500 600

Don'tKnow


RiskofNotPayingaLoan(Correctresponse)

AmountofConsumerDebt

FinancialResourcestoPayBackLoans

KnowledgeofConsumerCredit

AutudeTowardCredit

NumberofResponses


Explana@on:Thecorrectresponsesarethethreefactorsrelatedtocredituse:‘MissedPayments’,‘High

CreditCardBalances’,and“PersonalBankruptcy’.

Ques@on5:Whichofthefollowingfactorsareamongthoseusedtocalculateacreditscore?

§  EthnicOrigin§  Mar.alStatus

§  APerson’sAge§  HighBalancesonCreditCards§  PersonalBankruptcy§  MissedPayments

§  Don’tKnow

18

19

735

270

917

864

853

452

385

151

0 100 200 300 400 500 600 700 800 9001000

Don'tKnow

Totalincomplete/incorrectanswers

Totalwhoiden.fiedonlyallcorrectanswers

MissedPayments(Correctresponse)

PersonalBankruptcy(Correctresponse)

HighBalancesonCreditCards(Correctresponse)

APerson'sAge

MaritalStatus

EthnicOrigin

NumberofResponses(Mul@pleselec@onspermiUed)


Ques@on6:Whocollectstheinforma@ononwhichcreditscoresaremostfrequentlybased?Wouldyousay...

§  IndividualLenders§  FederalGovernment

§  FICOandVantageScoreSolu.ons§  ThreeMainCreditBureaus

§  Don’tKnow

Explana@on:Thecorrectansweristhe‘ThreeMainCreditBureaus,’whichcollectinforma.ononthecredit

useofmorethan200millionAmericansandmakeitavailableincreditreports.FICOandVantageScore

Solu.onshavedevelopedthemostpopularscoringsystemsforusingcreditreportstocomputecredit

scores.

19

44

274

687

65

101

108

0 100 200 300 400 500 600 700 800

Don'tKnow


ThreeMainCreditBureaus(Correctresponse)

FICOandVantageScoreSolu.ons

FederalGovernment

IndividualLenders

NumberofResponses


Ques@on7:DoeseachconsumerhavejustONEgenericcreditscore?

§  Yes§  No§  Don’tKnow

Explana@on:Theansweris‘No’.Genericscoresvarydependingonthespecificcreditreportandscoringmodelusedaswellasthepointin.mewhenthescoreiscomputed.Itispossible,forexample,thatifone

obtainedgenericcreditscoresfromseveraldifferentsources,thescoreswouldalldiffer.

20

37

316

689

279

0 100 200 300 400 500 600 700 800

Don'tKnow


No(Correctresponse)

Yes

NumberofResponses


Ques@on8:Whichofthefollowingisusuallyagoodcreditscore?

§  400§  500§  600§  700§  Don’tKnow

21

Explana@on:Scoresof700andabove–themostcommoncredit-scoringscalerangeis300-850–are

usuallyconsideredbylenderstoindicatelowcreditrisk,whilescoresbelowthemid-600sareoXen

consideredtoindicatesomeorgreatrisk.Thus,thosewithlowscoresaremuchmorelikelytobedenied

creditorchargedhigh,subprimerates.However,itisimportanttorecognizethatscoringmodelsmayuse

otherscales,soit’sessen.altoknowwhereascorefallsonitsmodel’sscalerange.

19

192

813

97

44

32

0 100 200 300 400 500 600 700 800 900

Don'tKnow

Totalincorrect/incompleteresponses

"700"(Correctresponse)

"600"

"500"

"400"

NumberofResponses


•  AXeraConsumerApplies

foraMortgage

§  WheneveraConsumeris

TurnedDownforaLoan

§  OnAllCreditCard,Auto&OtherConsumerLoans

whenaconsumerdoesn’t

receivethebestterms

and/orlowestinterest

rateavailable

§  AllofThese§  NoneofThese§  Don’tKnow

Explana@on:Thecorrectansweris‘AllofThese’.Federallawrequiresmortgagelenderstoinformapplicants

ofthegenericcreditscoreorscoresthelendersuseinevalua.ngtheloanapplica.ons.Asof2011,italso

requiresmortgageandconsumerlenderswhousegenericscoringmodelstosettermsfortheirserviceas

wellastodiscloseacreditscoreorscoresusedtoreachthatdecisionwhenaconsumerisnotofferedthe

lowestinterestrateorbesttermsavailable.

22

Ques@on9:Whenarelenderswhousegenericcreditscoresrequiredtoinformborrowersofthecreditscoreusedinthelendingdecision?

17

427

45

516

177

244

268

0 100 200 300 400 500 600

Don’tKnow


NoneofThese

AllofThese(Correctresponse)

OnAllCreditCard,Auto&OtherConsumerLoans

whenaconsumerdoesn'treceivethebestterms

and/orlowestinterestrateavailable

WheneveraConsumerisTurnedDownforaLoan

AXeraConsumerAppliesforaMortgage



Ques@on10:Whichofthefollowingac@onshelpsaconsumerraisealowscoreormaintainahighone?

§  MakeAllLoanPaymentsonTime

§  UseCreditCardKeepingtheBalanceUnder25%oftheCreditLimit

§  AvoidOpeningSeveralCreditCardAccountsattheSameTime

§  AllofThese§  Don’tKnow

Explana@on:Thecorrectansweris‘AllofThese,’thoughittakesmuchlongertoraisealowscorethan

lowerahighone.Themake-upofeachindividual’screditfilewillimpacttheamountofchangeseenina

creditscore.Forexample,someonewithagoodscoremayloseupto30pointswhenpaymentsaremissed

onmul.pleaccountslikecreditcardsandautoloansorpossiblymorethan100pointswhenamortgage

paymentismissed.Andtheymaygainsomeofthesepointsbackbymakingallmortgage,car,andcredit

cardpaymentson-.meforsixmonths.

23

12

387

606

126

186

356

0 100 200 300 400 500 600 700

Don'tKnow

Totalincomplete/incorrectanswers

AllofThese(Correctresponse)

AvoidOpeningSeveralCreditCardAccountsattheSameTime

UseCreditCardKeepingtheBalanceUnder25%oftheCreditLimit

MakeAllLoanPaymentsonTime



Ques@on11:Whenwillmul@pleinquiriesaboutge`ngamortgageorautoloanorloansfromlenderslowerone'sFICOorVantageScorecreditscore?

§  EachTimeOneMakesanInquiry

§  OnlyWhenOneMakesAtLeastFiveInquiries

§  LoanInquiriesWillNeverLowerYourScore

§  NeverDuringa1-2WeekWindow

§  Don’tKnow

Explana@on:Theansweris‘NeverDuringa1-2WeekWindow’.Inquiriesduringthisperiodaretreatedas

oneinquirybyFICOandVantageScorecreditscoringmodels,andusuallybyotherscoringmodels.An

inquiryaXerthiswindowhasclosedmaybeconsideredasecondinquiry,whichcouldhaveanega.ve

impactonaconsumer’screditscore.Butkeepinmindthatmul.pleinquiriesrarelyloweraconsumer’s

creditscoreasmuchasamissedloanpayment.

24

67

856

81

271

216

369

0 100 200 300 400 500 600 700 800 900

Don'tKnow


NeverDuringa1-2WeekWindow(Correctresponse)

LoanInquiriesWillNeverLowerYourScore

OnlyWhenOneMakesAtLeastFiveInquiries

EachTimeOneMakesAnInquiry

NumberofResponses


Ques@on12:Howimportantisittochecktheaccuracyofyourcreditreportsatthethreemaincreditbureaus?

§  VeryImportant

§  SomewhatImportant

§  NotVeryImportant

§  Don’tKnow

Explana@on:Thecorrectansweris‘VeryImportant’.Lendersmayhaveprovidedinaccurateinforma.on

orfailedtoaddaccurateinforma.onaboutyourpaymenthistorytoyourcreditreports.Andsincemany

consumershavesimilarnames,evenaccurateinforma.onmayhavebeenaddedtothewrongfile.Eachof

thethreemaincreditbureaus – Experian,Equifax,andTransUnion–willprovideafreecopyofyourcreditreportonceayearuponyourrequest.Aneasywaytogetthesereportsistovisit

www.annualcreditreport.comorcall877-322-8228.

25

5

267

733

194

72

0 100 200 300 400 500 600 700 800

Don'tKnow


VeryImportant(Correctresponse)

SomewhatImportant

NotVeryImportant

NumberofResponses


Explana@on:Nearlyallmainstreamloansinvolveacheckoftheapplicant’screditscore,butfederallysponsored

studentloansdonot.Staffordloans(issueddirectlytostudentsthroughtheU.S.DepartmentofEduca.on)and

Perkinsloans(issuedbyschoolsfromapooloffederalfunds)requirenocreditchecksatall.Athirdfederalstudent

loantype,thePLUSLoan(offeredtostudentsandparents)doesnotrequireacreditscore,butitdoesexclude

applicantswith“adversecredithistory”includingdefaultedloansandbankruptcywithinthepastfiveyears.

26


Ques@on13:Whichofthefollowingdoesn'tusecreditscores?

§  Peer-to-peerormarketplaceloan

§  Privatestudentloan§  Mortgageloan

§  Creditcardaccount§  Personalinstallmentloan

§  Federalstudentloan§  Allofthese§  Noneofthese§  Don’tKnow

17

909

79

132

65

408

360

342

326

373

386

0 100 200 300 400 500 600 700 800 900 1000

Don'tknow


CorrectlyID'edonlythecorrectresponse(federalstudentloan)

Noneofthese

Allofthese

Federalstudentloan(Correctresponse)

Personalinstallmentloan

Creditcardaccount

Mortgageloan

Privatestudentloan

Peer-to-peerormarketplaceloan


Ques@on14:Whenyoucannotresolveacomplainttoacreditbureauorlenderaboutyourcreditreportorcreditscoretoyoursa@sfac@on,whichofthesefederalgovernmentagenciesisbestsuitedtohelpyouresolvetheproblem?Wouldyousay...

§  U.S.DepartmentofJus.ce

§  TheFederalReserveBoard§  U.S.FederalTradeCommission

§  U.S.ConsumerFinancialProtecQonBureau

§  Don’tKnow

Explana@on:TheConsumerFinancialProtec.onBureaunowhelpsconsumersresolvemanytypesof

complaintsaboutcreditreportsandcreditscores.Butbeforefilingacomplaintwiththem

(www.ConsumerFinance.gov/Complaint),theBureaurecommendsfilingyourcomplaintandobtaininga

responsefromthecreditbureauorothercompanywithwhichyouaredealing.

27

NumberofResponses

66

220

719

87

57

75

0 100 200 300 400 500 600 700 800

Don'tknow


U.S.ConsumerFinancialProtec.onBureau(Correctresponse)

U.S.FederalTradeCommission

TheFederalReserveBoard

U.S.DepartmentofJus.ce


Ques@on15:Howodenarecreditrepaircompanieshelpfulincorrec@nganycreditreporterrorsandtakingothermeasurestoimproveone'screditscore?Wouldyousay...

§  Always§  Usually§  OccasionallyorNever§  Don’tKnow

Explana@on:Expertsdisagreewhetherthecorrectansweris‘Occasionally’or‘Never’.However,most

agreethatcreditrepaircompaniesoXenoverpromise,chargehighpricesandperformservicesthat

consumerscoulddothemselvesbyjustcontac.ngthelenderandthecreditbureaus.

28

63

400

542

304

96

0 100 200 300 400 500 600

Don'tKnow


Occasionallyornever(Correctresponse)

Usually

Always

NumberofResponses


Ques@on16:Inthepastyear,haveyouobtainedorreceivedanyofyourcreditscores?


29

Yes

54%

No

45%

Don'tKnow

1%


Ques@on17:Haveyoueverobtainedacopyofyourfreecreditreports?

§  Yes,inthepastyear§  Yes,1-3yearsago§  Yes,morethan3yearsago

§  No,Ihaveneverobtainedacopy§  Don’tknow

30

8

328

158

192

319

0 50 100 150 200 250 300 350

Don'tknow

No,Ihaveneverobtainedacopy

Yes,morethan3yearsago

Yes,1-3yearsago

Yes,Inthepastyear

NumberofResponses


Ques@on18:Inthenext12months,doyouintendtoapplyforacreditcard,mortgage,orautoloan?


31

Yes

22%

No

76%

Don'tKnow

2%


AbouttheSurveySponsors

ConsumerFedera.onofAmerica(CFA)isanonprofitassocia.onofmorethan250

nonprofitconsumergroupsthatwasestablishedin1968toadvancetheconsumer

interestthroughresearch,educa.on,andadvocacy.LearnmoreaboutCFAat

consumerfed.org.

VantageScoreSolu.ons,LLCistheindependentlymanagedcompanythatownsthe

intellectualpropertyrightstotheVantageScorecreditscoringmodels,includingthe

recentlyannouncedVantageScore3.0model,whichprovidesupto25percent

predic.veimprovementoverearliermodelsandhastheabilitytoformulatescoresfor

30–35millionpreviouslyunscoreableconsumers.Ini.allydevelopedbyAmerica’s

threena.onalcreditrepor.ngcompanies(CRCs)—Equifax,ExperianandTransUnion

—VantageScoreSolu.ons’highlypredic.vemodelsuseaninnova.ve,patentedand

patent-pendingscoringmethodologythatprovideslendersandconsumerswithmore

consistentcreditscoresacrossallthreena.onalcreditrepor.ngcompanies.

32


ContactInfo

ConsumerFedera.onofAmerica

1620IStreet,NW-Suite200

Washington,DC20006

202-387-6121

[email protected]

VantageScoreSolu.ons,LLC

P.O.Box141

Atlan.cStreetPostOffice

Stamford,CT06901

203-363-2199

[email protected]

33

credit score knowledge 2016consumer survey: summary … · what consumers can do to raise their...

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