Credit Score Confusion

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Nearly 70 Percent of Americans Have Little to No Understanding of Credit Scoring
According to a recent study by TransUnion, many Americans do not understand how credit scoring works or that there are many credit scoring models.

The study asked, “On a scale of 1 to 5, indicate your understanding of the different credit scoring models available to consumers and to lenders,” and 26.9 percent of Americans surveyed said “1” or they have little to no understanding, 14.6 percent said “2,” and 24.6 percent said “3.” Only 16 percent of Americans surveyed said “5” or they had a great understanding of the different credit scoring models.

Because there are hundreds of credit scores, consumers should not be overly concerned with the type of score or even the number. Instead, TransUnion recommends consumers monitor changes within a single score. While there are hundreds of different scoring models with different score ranges, most of them take into account the following factors.

The five different credit scoring models include: Payment history, outstanding debt, credit account history, recent inquiries, and types of credit.
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Source – California Association of Realtors

Category : Blog

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