Consumers still unclear on credit score impact
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May 20, 2012 12:00 AM

Consumers understand credit scores better than they used to, but many still don’t fully appreciate how costly high scores can be, according to a new survey.

Almost everyone knows mortgage lenders and credit card issuers use credit scores in making their decisions, according to a survey released last week by the Consumer Federation of America and VantageScore Solutions.

Most people realize landlords, home insurers, and cell phone companies also check consumers’ credit ratings, though by smaller majorities, according to the study. The results showed improvement in consumers’ understanding when compared to a credit score knowledge survey released by the two organizations last year.

Stephen Brobeck, the consumer federation’s executive director, said the results showed the best year-over-year increase in consumer awareness he has seen in the various surveys that the organization has conducted.

“However, credit reports and scores are so important to consumers that they should try to improve knowledge that remains deficient in several key areas,” Brobeck said in a statement.

Only 29 percent were a…………… continues on

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