MultiSource Loan Processing - The Key to Successful Closings
My Blog

Website Sheds Light on the Puzzling Features of Scores

There is a new resource for consumers to turn to when they are seeking information about how credit scores work.
 
The website www.creditscorequiz.org is a joint project of the Consumer Federation of America and VantageScore Solutions Inc.
 
The online quiz is the outgrowth of a joint survey the two parties commissioned. Out of 22 questions asked to over 1,000 participants, the average score was 60%, with many people not knowing who makes credit scores available, what is a strong score and what is the financial cost of a poor score.Among the groups that did poorly in the survey are the elderly and lower income, who displayed less understanding of what credit scores were about than those younger or who earned more money, said Barrett Burns, president and chief executive of VantageScore Solutions at a press conference.But even these groups only did marginally better. Consumers between the ages of 34 and 45 only got 67% right, while those with incomes over $100,000 annually got 66% right.Adding to the confusion, said Stephen Brobeck, executive director of CFA, is that there are generic and lender-specific scores and there are variations among each type. So much so that in one case a 700 score would be considered good in one system, but merely average in another. So each needs to be seen in the context of its overall range, added Sarah Davies, senior vice president of analytics and product management at VantageScore Solutions.Brobeck added that the same score from the same source can even be looked at differently by a different lender.
 
When asked if there are plans to team up with the lending community, Brobeck said CFA normally would talk with federal and state regulators first about a product like this and then with credit counseling agencies and other nonprofit education groups.But what CFA would like to see happen is that service providers such as mortgage lenders utilize creditscorequiz.org when their clients ask questions regarding their credit score.Burns brought something he has spoken about in the past, which is that consumers don’t have an understanding of the impact that certain events will have on their credit scores.They also don’t realize that outside of a bankruptcy filing, when the event that caused the decline in the credit score has been remedied, the score bounces back quickly.
 
If anything had surprised him during the process of CFA and VantageScore Solution working together, Brobeck said it is how much the marketplace had changed and how much CFA learned about the current use of credit scores.The parties noted that there are new rules going into effect in July that require even greater disclosure of credit scores.Those new rules are most beneficial to those who understand the credit score market, and that was another driver for the site, Burns said.CFA and VantageScore will also make the quiz available in a brochure.The survey found that most consumers do not know that it merely measures the repayment risk, that age and marital status do not figure in a credit score, and that credit repair services are usually not helpful.
 
 

43 Comments to Website Sheds Light on the Puzzling Features of Scores:

Comments RSS
Felix Dob on Monday, November 12, 2012 1:26 AM
Outstanding website! It contains huge information about credit score. After reading your content, I've found more information about credit score which information is helpful for me. I really like your website. Keep it up.
Reply to comment


Steve on Thursday, November 22, 2012 1:42 AM
Nice website! I'm looking this article to get information about credit score. Finally I got it here. I'm very glad to get information about credit score. Thanks for this nice allocation.
Reply to comment
 
www.scorespro.com on Monday, January 26, 2015 8:21 PM
Baseball is just about the most common sports on the globe, especially in the us of The us. According for you to Encyclopaedia Britannica, baseball will be the national interest of People in the usa.


www.scorespro.com on Monday, January 26, 2015 8:22 PM
Baseball%20is%20just%20about%20the%20most%20common%20sports%20on%20the%20globe%2C%20especially%20in%20the%20us%20of%20The%20us.%20According%20for%20you%20to%20Encyclopaedia%20Britannica%2C%20baseball%20will%20be%20the%20national%20interest%20of%20People%20in%20the%20usa.%0A


www.scorespro.com on Monday, January 26, 2015 8:24 PM
Baseball%2520is%2520just%2520about%2520the%2520most%2520common%2520sports%2520on%2520the%2520globe%252C%2520especially%2520in%2520the%2520us%2520of%2520The%2520us.%2520According%2520for%2520you%2520to%2520Encyclopaedia%2520Britannica%252C%2520baseball%2520will%2520be%2520the%2520national%2520interest%2520of%2520People%2520in%2520the%2520usa.%250A


http://www.ufashionbuy.com/ on Wednesday, January 09, 2013 11:59 PM
Hi, the article is so wonderful I am interested in it. I will pay attention to your articles.
Reply to comment


small business credit on Friday, February 08, 2013 9:00 PM
Outstanding post.You have provided the exceptional information.I was pointed such type of topic since long but at last nowadays my search is over and special thanks to you. Your blog is not only instructive but wonderful too.
Reply to comment


California Reverse Mortgage Broker on Monday, February 25, 2013 1:13 AM
Wonderful article, thanks for putting this together! This is obviously one great post. Thanks for the valuable information and insights you have so provided here
Reply to comment


chengdu to tibet on Sunday, May 19, 2013 2:18 AM
My spouse and I absolutely love your blog and find the majority of your post's to be just what I'm looking for. Does one offer guest writers to write content in your case? I wouldn't mind composing a post or elaborating on some of the subjects you write about here. Again, awesome website!
Reply to comment


portable chair on Sunday, May 19, 2013 5:45 AM
Along with every thing that appears to be building within this subject material, all your opinions are actually relatively refreshing. However, I beg your pardon, because I do not give credence to your entire plan, all be it radical none the less. It would seem to everyone that your commentary are not completely rationalized and in reality you are generally yourself not really completely confident of your argument. In any event I did appreciate examining it.
Reply to comment


LED Strip Accessories on Thursday, June 20, 2013 11:10 PM
Good piece of writing about lights! I think this light should change as early as possible because for this red light cameras there are so many accidents have been occurred. So keep thinking about it. Thanks
Reply to comment


Lipozene on Monday, September 23, 2013 1:03 PM
I absolutely enjoyed every single small little bit of it. I’ve you bookmarked your internet site to look at out the new stuff you post.
Reply to comment


Lipozene on Monday, September 23, 2013 1:04 PM
I harmonize with your conclusions and will thirstily look forward to your approaching updates.
Reply to comment


Lipozene on Sunday, October 06, 2013 9:24 AM
thanks ..i have bookmarked it already
Reply to comment


thesis writing help on Tuesday, October 29, 2013 4:59 AM
So per demands to be seen in the setting of its generally realm, added Sarah Davies, dean blemish president of analytics plus outgrowth guidance at VantageScore Answers.Brobeck added that the identical tally from the homogeneous inception can flush be looked at differently by a offbeat lender.
Reply to comment


china quad online shop on Sunday, November 17, 2013 7:06 PM
I like the way you have selected for your deal but also want to suggest you that you should have shared some more content about it.
Reply to comment


boiler replacement on Tuesday, January 28, 2014 9:49 PM
Here i found nice environment to get new ideas and views and the i have read the comments of this blog and these are really nice and it is glad to comment here.
Reply to comment


Hydroxycut on Tuesday, April 15, 2014 6:45 AM
I harmonize with your conclusions and will thirstily look forward to your approaching updates
Reply to comment


SlimQuick on Wednesday, April 23, 2014 6:28 PM
I honestly think you would have fully sold me on the idea had you been able to back up your premis with a substantial bit more solid facts.
Reply to comment


Diet Pills on Friday, May 09, 2014 12:42 AM
I honestly think you would have fully sold me on the idea had you been able to back up your premis with a substantial bit more solid facts.
Reply to comment


Best Diet Pills that Work on Wednesday, May 14, 2014 12:57 AM
I believe that you recognize how to construct people pay attention to what you have to pronounce, particularly with a concern that’s so vital. I am pleased to suggest this blog.
Reply to comment


Lipozene Reviews on Tuesday, May 20, 2014 7:57 AM
Amazing article. I am so impressed. Could never think of such a thing is possible with it...I think you have a great knowledge especially while dealings with such subjects.
Reply to comment


Weight Loss Pills on Monday, June 16, 2014 9:42 PM
I’m very fired up to show it to anyone. It makes me so satisfied your vast understanding and wisdom have a new channel for trying into the world.
Reply to comment


Lipozene Reviews on Saturday, June 28, 2014 11:53 AM
I harmonize with your conclusions and will thirstily look forward to your approaching updates
Reply to comment


Lipozene Reviews on Tuesday, July 22, 2014 12:20 AM
Amazing article. I am so impressed. Could never think of such a thing is possible with it...I think you have a great knowledge especially while dealings with such subjects.
Reply to comment


Aanrechtblad on Tuesday, July 22, 2014 3:54 AM
This particular post is really very interesting. It has a really great peace of Data, I enjoyed very well with this particular blog it has very useful information I like to much the style of this Article. Pleasure thanks for the share and stuff
Reply to comment


Weight Loss on Thursday, July 31, 2014 7:28 PM
I believe that you recognize how to construct people pay attention to what you have to pronounce, particularly with a concern that’s so vital. I am pleased to suggest this blog.
Reply to comment


Leasingfonds on Tuesday, August 05, 2014 3:34 AM
Outstanding blog post, I have marked your site so ideally I’ll see much more on this subject in the foreseeable future
Reply to comment


siliconen bh on Tuesday, August 05, 2014 6:34 AM
Excellent post and people around the world will certainly get much through reading it. I'll come back again and again to read such articles. Thanks
Reply to comment


Soutien-gorge invisible on Friday, August 15, 2014 8:28 AM
Wish I had found this blog before. The advices in this post are very helpful and I surely will read the other posts of this series too. Thank you for posting this.
Reply to comment


Slim Quick on Saturday, August 30, 2014 12:55 AM
Always has really good posts and topics please keep it up! loads of blogs are going under lately from lack of new posts etc
Reply to comment


partytent on Sunday, September 07, 2014 12:20 AM
A big thank you for your blog post.Really thank you! Fantastic.
Reply to comment


Chinees hardsteen keukenblad on Wednesday, September 24, 2014 2:00 AM
Nice information, valuable and excellent design, as share good stuff with good ideas and concepts, lots of great information and inspiration, both of which I need, thanks to offer such a helpful information here.
Reply to comment


Lipozene on Friday, October 17, 2014 8:03 AM
Thanks for sharing
Reply to comment


push up bh on Monday, October 20, 2014 11:51 AM
Very innovative technologies here. I like the idea of remote control through a cell phone, especially when integrated to the level of remote locks, lighting, and plug adapters. The sprinkler system idea is also intriguing.
Reply to comment


kraan accessoires on Monday, October 20, 2014 10:34 PM
Advantageously, the article is really the best on this notable topic. I harmonize with your conclusions and will thirstily look forward to your approaching updates
Reply to comment


Lipozene Review on Saturday, October 25, 2014 8:50 AM
Great site. I add this Post to my bookmarks.
Reply to comment


http://partytent-hoorn.nl on Monday, November 10, 2014 5:31 AM
This post is good enough to make somebody understand this amazing thing, and I’m sure everyone will appreciate this interesting things.
Reply to comment


verhuisbedrijf hilversum on Saturday, December 27, 2014 4:21 AM
Thanks for a very interesting blog. What else can I write that kind of information in such a perfect approach to get? I have a company that I'm just now working on, and I look for more of these.
Reply to comment


bra stickers on Monday, November 30, 2015 2:08 AM
I acknowledge the same best work from you at some point or an alternate later.
Reply to comment


Best on Saturday, May 21, 2016 4:52 AM
clothes not to mention trainers, and additionally clothes earlier than causing the house or even separate, take apart the exact door Many varieties of electricity heater get additional popular
Reply to comment


loemrntdherid1 on Wednesday, July 18, 2018 11:29 PM
Keep sharing such ideas in the future as well.
Reply to comment


hildan on Monday, January 21, 2019 8:34 PM
㞐¦ܸ˭ling12 undangan pernikahan modern undangan pernikahan online undangan pernikahan undangan pernikahan amplop surat undangan pernikahan simple undangan pernikahan murah undangan pernikahan unik undangan pernikahan artis undangan pernikahan modern undangan pernikahan artis undangan pernikahan arab undangan pernikahan undangan pernikahan Toko Plat Bordes Toko Plat Bordes Pabrik bondek Pabrik besi unp undangan pernikahan cantik Distributor Besi Hollow Jual Besi Hollow Baja Toko besi hollow Distributor besi beton Sni Ulir Polos Agen Plat Bordes Agen Plat Bordes Pabrik Plat kapal besi baja bki krakatau steel Pabrik besi siku undangan pernikahan simple Distributor Wiremesh Harga Besi Hollow Baja Agen besi hollow Distributor besi beton ais Pabrik Plat Bordes Pabrik Plat Bordes Pabrik besi siku Pabrik Plat besi plat kapal undangan pernikahan mewah Distributor Besi Pipa Baja Schedule 80 Pabrik Besi Hollow Baja Pabrik besi hollow Distributor besi beton Distributor Wiremesh Besi Distributor Wiremesh Besi Pabrik pipa besi baja sch 40 sch 80 Pabrik besi h beam baja undangan pernikahan cute Distributor Besi Pipa Baja Schedule 40 Distributor Besi Beton Distributor pipa besi Harga Wiremesh Besi Harga Wiremesh Besi Pabrik Plat besi Pabrik besi cnp undangan pernikahan biru Distributor Pipa Besi Hitam Medium Supplier Besi Beton Harga pipa besi www.pusatbesibaja.co.id Jual Wiremesh Besi Jual Wiremesh Besi Pabrik besi h beam www.gudangbesibaja.com undangan pernikahan buatan sendiri Distributor Besi Wf Agen Besi Beton Jual pipa besi www.pusatbesibaja.com Supplier Wiremesh Besi Supplier Wiremesh Besi Pabrik besi wf
Reply to comment

Add a Comment

Your Name:
Email Address: (Required)
Website:
Comment:
Make your text bigger, bold, italic and more with HTML tags. We'll show you how.
Post Comment
RSS

Recent Posts

Visit My Blog Link
Website Sheds Light on the Puzzling Features of Scores
Top 8 Things Your Borrower Should Ask During Application
New to Blogging and Subordination Turnarounds

Categories

Application Tips
Credit
Subordinations
powered by

Website provided by  Vistaprint
Website
provided by Vistaprint