Credit Score Quiz Results
WASHINGTON-Below are some of the the findings from the Consumer Federation of America and VantageScore credit score quiz:
• Those aged 34-45 (67% correct) and those with at least $100,000 annual incomes (66% correct) scored highest. Those at least 65 years of age (53%) and those with incomes below $25,000 (58%) scored lowest.
• A key factor explaining score differences is whether one has obtained one's credit scores. Consumers who had obtained their scores scored higher (64%) than those who never had (54%).
Among the findings on what consumers do not know:
• A credit score mainly represents the risk of not repaying a loan (48% correct).
• Age (33%) and marital status (40%) are not factors used to calculate a credit score.
• On a $20,000, 60-month auto loan, borrowers would usually pay $5,000 more in interest with a bad score than with a good one (30%).