Credit is still a mystery for many consumers

Although a new survey conducted by the Consumer Federation of America and Providian Financial concludes that American consumers understand credit scores better than ever before, most credit consumers are still unaware of the basic facts about credit scores and their financial importance.

For instance, more than 75 percent of those polled mistakenly believe that they have the right to obtain their credit score for free once annually. This is true only of a consumer's credit report, not his or her credit score. A large number of consumers also remain in the dark about the characteristics of credit scores, with only 27 percent understanding that scores measure credit risk - not credit knowledge, amount, or attitude.

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