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September 26, 2005

Credit Scores - Survey Shows How Much Do We know about them

The Consumer Federation of America and Providian published a survey about the FICO credit score. It mainly shows that we still don't know enough about it or truly understand it.

Here are some numbers at a glance:
- Only 27 % of the people surveyed knew their scores measure only credit risk.
(The Fico score doesn't take in consideration age or income.)
- Nearly 66 % of college graduates surveyed had gotten a copy of their credit report.
- Barely more than 25 % of high school dropouts had seen their credit reports.
(The survey showed that the higher your education and income, the more likely you're to know your credit score)
- Nine of 10 people surveyed knew that lenders check your score before issuing you a loan.
- Only 58 % knew that cell phone companies will check your score.
- Only 57 % knew that homeowner's insurance companies look at your score to decide how much you'll pay.
- Only 23 % named the big three credit bureaus: Experian, Equifax and TransUnion.

Posted in Credit Repair at September 26, 2005 03:54 PM

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