Test Your Credit Score Knowledge with CreditScoreQuiz.org for a Chance to Win $500
By Katie Bryan
Your credit score can affect many parts of your financial life. And while the large majority of consumers have basic knowledge about credit scores, there are a few knowledge gaps according to the Consumer Federation of America’s latest survey findings
- Only 42 percent know that a credit score measures the risk of not repaying a loan rather than factors such as knowledge of, or attitude to, consumer credit.
- Only half of consumers (50%) understand the three instances when lenders who use generic credit scores are required to inform borrowers of the credit score used in the lending decision – after application for a mortgage loan, whenever an application for a consumer or mortgage loan is rejected, and whenever the best terms, including lowest interest rate available, are not offered on a consumer or mortgage loan.
To encourage more individuals to increase their credit score knowledge and complete the quiz at CreditScoreQuiz.org, Vantage Score and Consumer Federation of America (CFA) are offering those who complete the quiz the opportunity to enter a drawing for a $500 gift card. The 20 –question interactive quiz allows consumers to test their knowledge of credit scores and receive the correct responses with explanations. The quiz is available in both English and Spanish.
http://www.creditscorequiz.org/ and http://www.cuestionarioparaelpuntajedecredito.org/
About CreditScoreQuiz.org
CreditScoreQuiz.org is an informational tool developed by the Consumer Federation of America (CFA) and VantageScore Solutions. The two organizations developed the credit score quiz and website to increase consumer knowledge about credit scores and how to improve them. Since 2011, they have asked the Opinion Research Corporation to administer this quiz annually to a representative sample of 1,000 adult Americans. The quiz results indicate that many Americans could improve their credit score knowledge and ability to manage their scores. They encourage individuals to take this quiz and urge teachers and other educators to utilize it in their financial education programs.
Katie Bryan works for America Saves, managed by the nonprofit Consumer Federation of America (CFA), which seeks to motivate, encourage, and support low- to moderate-income households to save money, reduce debt, and build wealth. Learn more at americasaves.org
Tools and Resources:
Printable Handout: Importance of Credit History and Successful Saving
Bankrate, Credit Scores Explained
My FICO, About Your Credit Score
Money Under 30, Understanding Your Number
CFA and VantageScore Solutions
Consumer Federation of America
Credit Reporting Companies
Equifax
Free Credit Report Once a Year
Annualcreditreport.com or by calling 1-877-322-8228
The Personal Investment Enterprise Program, a partnership between Foothills United Way and Community Action Programs provides tools that empower low-income individuals and families to save and build assets to strengthen their economic stability. To learn more about the program visit www.bouldercountypie.org. The first step in applying to the program is to attend an orientation meeting with Nino Gallo at Community Action Programs at Boulder County. Nino may be reached at 303-441-3998 or at ngallo@bouldercounty.org.
