Test Your Credit Score Know-How with CreditScoreQuiz.org

By Alecia D. Blair, Military Saves Communications Associate

Have you tested your credit score knowledge at www.CreditScoreQuiz.org? If not, you should! Your credit score can have a huge impact on so many parts of your life, such as whether or not you get a low interest rate on that car or mortgage loan or a loan at all!

According to the 2015 Fifth Annual National Credit Score Survey, consumers still have knowledge gaps about credit scores:

  • “Only 20 percent of Americans know that low credit scores are likely to increase the finance charges on a $20,000, 60-month car loan by more than $5,000. Moreover, more than two-fifths (41 percent) incorrectly think that the additional charges would be less than $3,000.”

  • Only eight percent understand that multiple credit inquiries during a 1-2 week window “never lower one’s FICO or VantageScore credit scores.”

  • “Furthermore, although consumer protection officials agree that credit repair companies offer poor value to consumers, two-fifths of respondents (40 percent) believe that these companies are always or usually helpful in correcting credit report errors (or in taking other measures to improve one’s credit scores).”

To encourage more individuals to increase their credit score knowledge, Vantage Score and Consumer Federation of America (CFA) created CreditScoreQuiz.org, a quick, 12-question quiz, which explains the high cost of low scores, what credit scores actually measure, who develops these scores, why scores rise or fall and how to maintain a good score. 

The website is based on one introduced five years ago that was visited by hundreds of thousands of consumers. The new website, however, is easier to use, and the quiz is available in both English and Spanish at: www.CreditScoreQuiz.org and www.CreditScoreQuiz.org/Espanol. Take the quiz today!

Tip of the Day

  • Written by Guest Blogger | June 17, 2014

    Teach your #kids about finance - start with the #Money as you Grow program >> http://moneyasyougrow.org

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