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Credit Score Factors and Stats for Mortgages | New American Funding

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Information about Credit Score Factors and Stats for Mortgages | New American Funding
Finance

Published on March 10, 2014

Author: NewAmericanFunding

Source: slideshare.net

Description

Do you understand what goes into your credit score? Many people don't, but it's one of the most important factors when buying a home. First-time homebuyers are often confused by what they see on a credit report, so let New American Funding help you out with our guide to the credit score report.
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statistic 20% of respondents admitted their knowledge of credit scores was poor. Less than 50% of respondents knew that so-called credit repair services are not helpful. 71% of respondents failed to correctly answer which types of service providers use credit scores to determine service eligbility and at what price. didyouknow... Employers have the right, with your permission, to check your credit report as part of background screening for employment. The majority of consumers surveyed agreed with a proposed ban by lawmakers. 53% 38%ofconsumersagreew/ban areokaywiththispractice acreditscoreisprimarilyusedbylendersto assesstheborrower’sriskofloanrepayment howoftendoyoucheckyourcredit? 48% have never checked or haven’t checked in over a yr. 50% have checked their credit in the past year vs *All data adapted from multiple surveys conducted between 2009-2011 Sources: 1. America's "Financial IQ" by Capital One Financial Corporation 2. Quarterly Survey Results: January 2011 by Credit.com 3. Credit Score Misinformation by Consumer Federation of America and VantageScore Solutions 4. Credit Score Myths Run Rampant by Visa, Inc. howdoyourank? testyourknowledge@creditscorequiz.org inasurveyof1,000 americans: 1 2 2 3 4

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