8 credit score myths - Mar. 16, 2005 ~ NanoThoughts 1.0

Wednesday, March 16, 2005

8 credit score myths - Mar. 16, 2005

It's really amazing that in our wonderful world of purchase power so many know so little about Experian, Equifax and Trans.... uh whatever that 3rd one is.

Yet, according to a survey released Tuesday, nearly half of all Americans don't understand what these scores measure or what factors go into them.

The survey, conducted by Opinion Research Corporation for the Consumer Federation of America (CFA) and Fair Isaac Corporation, found that 49 percent of respondents do not understand that credit scores measure a person's credit risk, while 45 percent think – incorrectly – that a higher income will result in a higher credit score.


8 credit score myths - Mar. 16, 2005

2 comments:

Justin said...

Transunion?

To kid, Transvestite? Trans-Atlantic? Trans, Plans, and Automobiles?

J.p. said...

Honestly, I'm a bit shocked that income isn't a factor. I guess it's too variable (lay-offs, comissions, etc), but honestly, if you don't consider a persons debt/income ratio, how are you deciding to lend them money?

No wonder these people need the feds to bail them out.