Consumer credit scores
A recent survey* released by the Consumer Federation of America and VantageScore Solutions, LLC, shows that potential borrowers are more likely to have obtained their credit score than nonborrowers.
- 70% of those intending to take out a consumer or mortgage loan in the next year received their credit score in the past year, compared with 57% of those not planning to borrow.
- Consumers who obtained at least one credit score in the past year were more likely to say their knowledge of scores is good or excellent compared with those who haven’t (68% versus 45%).
While progress is being made, there’s still a lot of room for improvement. By educating consumers, lenders can strengthen consumer relationships and reduce loss rates. It’s a win-win for consumers and financial institutions.
