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Americans Earn a ‘D’ on Understanding Their Credit Scores

Americans don’t fully understand how their credit scores are determined or how the scores may be used, according to a survey by the Consumer Federation of America and VantageScore Solutions.

About 67 percent of those surveyed incorrectly said that age is used in calculating credit scores, and a majority of those surveyed didn’t know that a landlord or a cell-phone company may consider applicants’ numbers in deciding whether to offer housing or service and at what price. Almost half of respondents correctly said a credit score is primarily used to assess risk for lenders that a borrower won’t repay a loan, according to the report released today.