According to the official reports, out of the first 22,623 people who conducted the quiz at creditscorequiz.org, 21,570 managed to pass it. While this report shows that consumers today are getting savvier and more informed, there were a number of important questions that were answered wrong by several participants.
Myths related to the credit score have always crippled the financial life of the individuals. The same misconceptions have resulted in several wrong answers:
• 10% of those who took the quiz believed that student loans do not affect credit score. A New York report earlier this year mentioned that Americans have more student loan debts than credit card debts.
• Being less knowledgeable about the grades also influences one’s credit life. Half of the quiz takers were not aware that what amount should be paid when they have a good or bad score.
• Another disconcerting myth exposed that a big number of people were not aware that credit scores are not influenced by factors such as age, ethnicity, and even marital status. Credit scores are independent of the aforementioned factors but are outcomes of the credit history or numbers.
Myths related to credit scores should be cleared to boost your financial credibility. Misconceptions, partial or no information about your credit and its related products can prove to be very bad for your financial life.
Your financial well being is mirrored through your grade, and lenders and creditors determine your credibility by using it as a reference. They also review your credit history to get an idea about your payment behavior and also to judge your honesty towards debts.
It is good to be credit savvy by regularly checking your credit reports. Every American is entitled to get a free credit report annually at Annualcreditreport.com. To check credit report more often, one can enroll on several trusted credit reporting sites like http://www.creditreport.com. The site offers unlimited access to the three credit bureau credit report with a free credit score check, credit alerts for monitoring score and credit education to help individuals improve their credit score.
Monitor your credit history, take the credit score quiz and find out how you can improve your credit score. Save money and stay informed about your financial status—all of which are key to pay less on interests, mortgage and alike to lead a smooth and happy life.