April is National Financial Literacy Month. Understanding credit is an important part of financial literacy, but how well do consumers understand the FICO® Score - what factors make up the Score and how they're used by lenders?
myFICO recently conducted a FICO Score-related quiz with myFICO members as well as a random group of people to see how well individuals know about credit, credit scoring, and lending practices. Does regular consumer access to FICO Scores influence financial knowledge?
While participants from both groups answered many questions correctly, the myFICO responders had a higher average score (80%) for correct answers compared to an average score of 60% with the random group. But about 40% of both groups missed the question on what information in a credit report typically has the greatest impact on a FICO®Score
To learn more about the results of the survey, check out Tom Quinn's blog at https://blog.myfico.com/quiz-results-understanding-of-fico-scores.