Americans just don't get credit scores according to a survey by the Consumer Federation of America (CFA) and Fair Isaac Corporation (NYSE:FIC).
Phoenix, Arizona (PRWEB) October 19, 2005 -- According to a survey by the Consumer Federation of America (CFA) and Fair Isaac Corporation (NYSE:FIC), developer of the FICO credit score used by most lenders to evaluate consumer credit risk, almost one-half of American consumers do not understand key facts about credit scores:
4 percent do not understand that credit scores measure credit risk;
45 percent incorrectly think that increasing one's income will increase one's credit score.
"Despite all of the news coverage about credit scores over the past year, many consumers still do not understand important facts about these increasingly influential numbers," said Stephen Bareback, CFA's Executive Director.
Mr. Jolley, President of Blue Financial says: "Borrowers need education. As a first step, Blue Financial proposes an educational component in every high school regarding Credit and Personal Finance in the United States. Each and every borrower, applying for consumer credit must be taught how and why their credit can and will effect not only their borrowing power, but their rates and fees as well. We support an initiative of full disclosure regarding credit, scores, and the facts behind the numbers."
About Blue Financial:
Blue Financial was founded in 2002 to provide Arizona homeowners with less than perfect credit a place to borrow money at low rates, and to assist homeowners, through a refinancing transaction, to move toward the path of financial freedom by consolidating their debt, improving their monthly cash flow, and improving their credit history.
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