Mind Your Credit Scores

Many Underestimate Credit Score Importance
While the nation's credit-scoring program is a critical factor in determining what individual borrowers pay in interest on credit cards and mortgages — and even how much they pay for insurance — new research suggests that most Americans still do not understand how the system works.
Respondents to a recent Consumer Federation of America/Washington Mutual Inc. survey largely did not know that credit scores are derived from payment histories, with many participants mistakenly believing that the number is influenced by such factors as income, age, education, and marital standing.
According to Anthony Vuoto of Washington Mutual Card Services, if all consumers took steps to boost their credit scores by at least 30 points, they together would realize as much as $28 billion annually in savings.
Download and customize the handouts "What You Can do to Improve Your Credit Score" and "5 Factors That Decide Your Credit Score" to help educate your customers on the importance of credit scores at REALTOR Magazine Online.