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Credit Scores Are Still Misunderstood by Most Consumers

WASHINGTON -- Although consumer understanding of credit scores has improved over the past year, it remains poor, according to the latest credit score survey commissioned by the Consumer Federation of America and Washington Mutual Bank.

By Lindsey Siegriest | Updated on July 22, 2008

WASHINGTON — Although consumer understanding of credit scores has improved over the past year, it remains poor, according to the latest credit score survey commissioned by the Consumer Federation of America and Washington Mutual Bank.

Less than one-third of Americans (31%), for example, understand that credit scores indicate risk of not repaying a loan, rather than factors like knowledge of, or attitude toward, consumer credit.

The report estimated that U. S. consumers could reduce credit card finance charges by $105 annually if they raised their score by 30 points. If all consumers raised their scores by 30 points, total annual consumer savings would be an estimated $28 billion.

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