According to a recent national survey sponsored by the Consumer Federation of America, consumers often underestimate the significance of their credit scores and, other than the basics, know very little about them.
Millennials, which are individuals aged between 18 and 34 are the least knowledgeable about credit scores, compared to members of the generation X. They lack the knowledge to determine what a good credit score might be and only 51% of them have ever obtained a free credit score for themselves, a number significantly to lower to that of the genXers, who stand at nearly two thirds.
"While the credit scoring industry is always innovating and changing, practicing good credit behaviors and understanding the basics about your credit score are fundamentally important," says Barrett Burns, president and CEO of VantageScore Solutions, which offers consumers an interactive credit score quiz to test their knowledge so they can make the right financial decisions in order to maintain a good credit standing.
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