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CFA and VantageScore Consumer Credit Survey Results

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On Monday, the Consumer Federation of America (CFA) and VantageScore Solutions, LLC, released their 10th annual consumer credit survey.

As a highlight of the study, low-income households were revealed to be most likely to apply for credit in the next 12 months amid the recession and a global pandemic, yet consumers with lower incomes tend to know the least about credit scores.

The phone survey, which included 1,001 participants sampled from June 16-21, 2020, divided results between households with incomes below $25,000 and those with incomes of at least $75,000.

While consumers with low income consumers had the least understanding of credit scores, a large number of all consumers illustrated that they also couldn’t answer some of the most basic credit concepts.

To help you see how your knowledge of credit stacks up against those surveyed by CFA and VantageScore Solutions, we took a look at five credit concepts that a vast number of people don’t know.

1. Low credit scores can cost car buyers thousands more

According to the CFA and VantageScore Solutions survey, only 22% of consumers reported knowing that a low credit score borrower, when compared to a high credit score borrower, would likely pay over $5,000 in interest on a $20,000, 60-month car loan. With a low credit score, you are likely to only qualify for subprime auto loans whose annual interest rates often exceed 20%, the study says.

This is why a good credit score matters. Not only will your interest on credit cards be less than those with worse-off credit, but so will the interest you pay on loans. Having healthy credit can earn you a lower interest rate on new loans and make it easier to qualify for financial milestones in life, like a first apartment or a new car.

2. Your credit score actually measures your risk of not paying

Only 33% of those surveyed said that they know a credit score measures the borrower’s risk of not repaying a loan, while 14% thought it measures the borrower’s knowledge or attitude toward consumer credit.

You could have a good attitude about credit, but still have a bad credit score. The point is that your score illustrates to lenders how you would use the credit they extend to you. If you’re just beginning your credit journey, know that you need credit to build credit. In this case, consider applying to one of CNBC Select’s picks for the top credit cards for building your credit, such as the Petal® Visa® Credit Card, the Capital One® Secured and the Capital One® Platinum Credit Card.

Once you start using your credit card, lenders and card issuers like to see that you can use credit responsibly, which means using less than 30% (at most) of your available credit and paying your monthly bills on time and in full.

3. Credit repair companies charge for services you can sometimes do yourself

Before you sign up for a credit repair service advertised to you, know what it will cost.

While over two-fifths (42%) of consumers surveyed may be right that credit repair companies are usually helpful in correcting any credit report errors or helping to improve one’s credit score, these companies tend to charge relatively high fees to do what you could do on your own for free.

With 25% of Americans experiencing an error on their credit report, know that you can submit a dispute with the three credit bureaus online, by mail or by phone. We recommend disputing online or by mail so you have proof of your dispute.

4. Your age has nothing to do with your credit score, except for how long you’ve been borrowing credit

Nearly half (48%) of the survey respondents reported thinking that age is a factor used to calculate a credit score. The truth is that your age doesn’t matter in calculating your credit score, only your use of credit matters.

In fact, the five components that make up your credit score include your payment history, amounts owed (utilization rate), length of credit history, new credit (how often you apply for and open new accounts) and credit mix (the variety of credit products you have).

To get a full view of your financial picture, you can pull your credit report for free on a weekly basis from each of the three major credit bureaus — Experian, Equifax and TransUnion — by going to AnnualCreditReport.com.

5. Utility companies can check your credit score

Your credit score is a good picture of how likely you are to pay your bills on time, but the survey found that only 50% of consumers know that an electric company can use credit scores to determine the amount of deposit you make.

This is another scenario where having healthy credit helps., but also know that paying your monthly utility bills on time can help your credit score, too. Through Experian Boost, you can connect your bank account for free so that your utility bill payments are added to your Experian credit file and you receive an updated FICO score delivered to you in real time.

To check your credit score for free, you can also use services like CreditWise from Capital One, Chase Credit Journey and Discover Credit Scorecard (whether or not you are a cardholder).

Bottom line

Unless you have a perfect credit score, there is always room for improvement. The good news is that you don’t have do jump through loopholes to get there and having an understanding of the basic credit score concepts can literally save you money in the long run. If you spend the time learning about credit early on, you won’t need to spend more on high interest rates and larger down payments in the future.

To test your knowledge of credit scores, take the online credit score quiz that the CFA and VantageScore developed together at CreditScoreQuiz.org.

Information about the Petal® Visa® Credit Card, Capital One® Secured, and Capital One® Platinum Credit Card has been collected independently by CNBC and has not been reviewed or provided by the issuer of the card prior to publication.

Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the CNBC Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.

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Debt Consolidation: Market 2021 also Industry is Booming Worldwide with Key Players

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Debt Consolidation Market With COVID19-Pandemic Impact Analysis:

Debt Consolidation Market 2021 this report is including with the COVID19 Outbreak Impact analysis of key points influencing the growth of the market. Also, Debt Consolidation Market (By major key players, By Types, By Applications, and Leading Regions) Segments outlook, Business assessment, Competition scenario, Trends and Forecast by Upcoming Year’s. The study of the Debt Consolidation report is done based on the significant research methodology that provides the analytical inspection of the global market based on various segments the Industry is alienated into also the summary and advance size of the marketplace owing to the various outlook possibilities. The report also gives 360-degree overview of the competitive landscape of the industries. SWOT analysis has been used to understand the strength, weaknesses, opportunities, and threats in front of the businesses. Thus, helping the companies to understand the threats and challenges in front of the businesses. Debt Consolidation market is showing steady growth and CAGR is expected to improve during the forecast period.

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This Free report sample includes:
  1. A brief introduction to the Debt Consolidation Market research report.
  2. Graphical introduction of the regional analysis.
  3. Top players in the Debt Consolidation Market with their revenue analysis.
  4. Selected illustrations of Debt Consolidation Market insights and trends.
  5. Example pages from the Debt Consolidation Market report.


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The Major Players in the Debt Consolidation Market.

Mozo
Canstar
Credit Repair Australia
Australian Debt Agreements
Think Money
Debt Negotiators
The DCS Group has
Debt Cutter
Sort My Debt
Clear Credit Solutions
Australian Debt Solvers
Australian Lending Center

 

The Debt Consolidation Market Report Helps You in Understanding:

  1. Dominant and emerging trend analysis, elaborate references of key drivers, restraints, threats and challenges besides also harping on product categorization as well as industry chain analysis that collectively influence uniform growth
  2. The Debt Consolidation market report lends amplified focus on important business priorities and investment choices preferred by key players as well as contributing players
  3. The Debt Consolidation market report discusses at length the core growth pattern and market dimensions, besides also harping on decoding the competition spectrum for thorough business discretion

Key Businesses Segmentation of Debt Consolidation Market

on the basis of types, the Debt Consolidation market from 2015 to 2026 is primarily split into:
Credit Card Debt
Overdrafts or Loans
Others

on the basis of applications, the Debt Consolidation market from 2015 to 2026 covers:
Enterprise
Private

Some of the key factors contributing to the Debt Consolidation market growth include:

Regional Debt Consolidation Market Analysis:

It could be divided into two different sections: one for regional production analysis and the other for regional consumption analysis. Here, the analysts share gross margin, price, revenue, production, CAGR, and other factors that indicate the growth of all regional markets studied in the report. covering

RegionCountries
North AmericaU.S. & Canada
EuropeU.K., Germany, France, Italy, Spain, Hungary, BENELUX, NORDIC, Rest of Europe
Asia-PacificChina, India, Japan, South Korea

 

Australia, New Zealand, Rest of Asia-Pacific

Latin AmericaBrazil, Mexico, Argentina, Rest of Latin America
Middle East and AfricaIsrael, GCC, South Africa, Rest of Middle East and Africa
  • Growing per capita disposable income
  • Favorable for youth Demographics
  • Technology advancement

In terms of COVID 19 impact, the Debt Consolidation market report also includes following data points:

  • Impact on Debt Consolidation market Size
  • End User Trend, Preferences and Budget Impact of Debt Consolidation market
  • Regulatory Framework/Government Policies
  • Key Players Strategy to Tackle Negative Impact of Debt Consolidation market
  • New Opportunity Window of Debt Consolidation market

Key Question Answered in Debt Consolidation Market Report.

  • What are the strengths and weaknesses of the Debt Consolidation Market?
  • What are the different marketing and distribution channels?
  • What is the current CAGR of the Debt Consolidation Market?
  • What are the Debt Consolidation market opportunities in front of the market?
  • What are the highest competitors in Debt Consolidation market?
  • What are the key outcomes of SWOT and Porter’s five techniques?
  • What is the Debt Consolidation market size and growth rate in the forecast period?

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Major Points from Table of Contents:

There are 13 Chapters to thoroughly display the Debt Consolidation market. This report included the analysis of market overview, market characteristics, industry chain, competition landscape, historical and future data by types, applications, and regions.

  • Chapter 1: Debt Consolidation Market Overview, Product Overview, Market Segmentation, Market Overview of Regions, Market Dynamics, Limitations, Opportunities and Industry News and Policies.
  • Chapter 2: Debt Consolidation Industry Chain Analysis, Upstream Raw Material Suppliers, Major Players, Production Process Analysis, Cost Analysis, Market Channels, and Major Downstream Buyers.
  • Chapter 3: Value Analysis, Production, Growth Rate and Price Analysis by Type of Debt Consolidation.
  • Chapter 4: Downstream Characteristics, Consumption and Market Share by Application of Debt Consolidation.
  • Chapter 5: Production Volume, Price, Gross Margin, and Revenue ($) of Debt Consolidation by Regions.
  • Chapter 6: Debt Consolidation Production, Consumption, Export, and Import by Regions.
  • Chapter 7: Debt Consolidation Market Status and SWOT Analysis by Regions.
  • Chapter 8: Competitive Landscape, Product Introduction, Company Profiles, Market Distribution Status by Players of Debt Consolidation.
  • Chapter 9: Debt Consolidation Market Analysis and Forecast by Type and Application.
  • Chapter 10: Debt Consolidation Market Analysis and Forecast by Regions.
  • Chapter 11: Debt Consolidation Industry Characteristics, Key Factors, New Entrants SWOT Analysis, Investment Feasibility Analysis.
  • Chapter 12: Debt Consolidation Market Conclusion of the Whole Report.
  • Chapter 13: Appendix Such as Methodology and Data Resources of Debt Consolidation Market Research.

(*If you have any special requirements, please let us know and we will offer you the report as you want.)

Note – In order to provide more accurate market forecast, all our reports will be updated before delivery by considering the impact of COVID-19.

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Teams eliminated during the NFL’s Divisional Round face major offseason questions

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It’s brutal to lose in the Divisional Round of the 2020-2021 NFL Playoffs — it leaves most of the teams that get eliminated with pressing questions. Questions ranging from easy ones (“How do we take the next step”) to difficult ones (“How do we keep the salary cap from tearing us apart next year?”) to downright existential ones (“Is everything we are trying to accomplish doomed to failure?”). The Baltimore Ravens, Los Angeles Rams, Cleveland Browns, and New Orleans Saints are grappling with those questions now that their 2020 seasons have come to a close.

Here’s an NFL Recap look at what lies ahead for the four eliminated teams from Divisional Round action that came so close to the Super Bowl, and yet are still so far away.

Editor’s note — bookmark the main page on Pro Football Network for all of Mike’s thoughts in the full NFL Recap beyond this Conference Championship preview!

The first eliminated team of the NFL Divisional Round: Los Angeles Rams

The Rams enter the offseason $22 million over the salary cap. Their in-house free agent list is led by top defensive backs Troy Hill and Darious Williams, both of whom will be expensive to keep. And the Rams lack a first-round pick because of the Jalen Ramsey trade (which feels like it happened two days after the Herschel Walker trade). Other than that, everything is peachy-keen.

The Rams will have trouble retaining second-tier in-house free agents like center Austin Blythe, receiver Josh Reynolds, or tight end Gerald Everett, let alone someone like Williams unless they perform some serious credit repair. Look for an offseason of restructured contracts, free agent departures, and very little good news as the Rams try to keep their playoff window from slamming shut.

The second eliminated team of the NFL Divisional Round: Baltimore Ravens

Lamar Jackson needs to become a more consistent passer outside the numbers. The Ravens’ offense needs a legitimate Plan B when they fall behind by more than a touchdown or when their option running game is bottled up.

And the whole team needs to find ways to avoid the type of catastrophic big-game failures that get them eliminated in NFL Playoff games. Red zone collapses, silly mistakes, and sudden reversals in which a long drive turns into seven points for the opponent have destroyed them.

Featured | Valdovinos’ 3-round 2021 NFL Mock Draft

The Ravens must also keep daring to be different. They must avoid the trap of thinking that Jackson or their offense has some special deficiency that will doom them to playoff also-ran status. Jackson and the Ravens are easy targets for lazy skepticism because they are so unique. If Jackson were a pocket passer in a conventional offense, he could go 8-8 for years while facing only moderate criticism while earning dump trucks full of money to almost win Wild Card games.

The Ravens have quantitative problems, not qualitative ones. They are a few tweaks, not an overhaul, away from the Super Bowl. Fortunately, they are also one of the best organizations in the league when it comes to sticking to their long-range plan.

Sights set on next year: Cleveland Browns

Going from 0-16 to 11-5 is easy, especially when it takes three years to do it. Going from 11-5 to the Super Bowl is much harder because the Browns will be swimming against the tides of the salary cap, draft order, and a harder 2021 schedule.

Self-scouting is crucial for an NFL team at the Browns’ stage of development and eliminated in the Divisional Round. They cannot fool themselves into thinking that they are “one player away” or that further improvements will just happen automatically.

The Browns’ salary cap situation is pretty good. It’s about $24 million in on-paper space, much of which will likely be spent on extensions, even if the team takes another year to wait-and-see on Baker Mayfield (guard Wyatt Teller, for example, is in the final year of his rookie contract).

Extra third and fourth-round picks from past trades will help spackle some holes. And Odell Beckham returns next year, which is almost certainly a good thing. The Browns sorely need a receiver who can stretch the field, and Beckham is only about 15-20% as much of a loopy distraction as your father-in-law insists he is.

The Browns should be at least as good in 2021 as they were in 2020. That’s fine, so long as an organization with zero history of sustaining success realizes that any team that doesn’t get ahead in the NFL ends up falling behind.

Sights set on next year: New Orleans Saints

The Saints are an eliminated team, and will be up Schitt’s Creek the moment Drew Brees retires from the NFL. They’re so deep in cap debt ($95 million entering the 2021 offseason) that the whole team will have to live in a motel room in a Canadian countryside town full of quirky characters just to make ends meet.

The Saints face the greatest cap crisis in NFL history, and Recap doesn’t have the bandwidth or word count to dig into the macroeconomics of what they will have to do to field a roster next year. Let’s just say that we will get to see what the Taysom Hill/Alvin Kamara option package looks like when half of the remaining roster is earning the league minimum.

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Top scams of 2020; what to watch out for in 2021

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CHICAGO (WLS) — The Better Business Bureau released its top 10 scam list for 2020. No doubt these will be things to watch out for in 2021.

Some of the most common were fake websites tricking consumers into making a purchase who then never get the product. This is something the I-Team has exposed during the pandemic with people never getting the Personal protective equipment they ordered.

RELATED: How to spot phishing scam from fake Amazon emails about shipping

Another involved the sale of counterfeit products.

Employment or job offer scams where you’re possibly asked to send money to make money were also popular.

It’s also worth mentioning all of these include “COVID-19” related scams which on its own came in at number four.

RELATED: Avoid Falling For Coronavirus Scams

One thing to always remember to avoid getting scammed is to thoroughly research websites before you send anyone money.

Top 10 Scams of 2020:

1. Online Purchase – fake websites
2. Counterfeit Products (Clothing, electronics, shoes, purses, etc.)
3. Employment – scam job offers
4. COVID Related Scams – (These may be much higher – COVID is sited in other categories)
5. Debt Collections – invoices, calls or emails for fake debts

6. Advance Fee Loan – the promise of a “loan” – after you pay fees
7. Phishing Scams – (Clicking on scam links can lead to malware – imposter scams etc.)
8. Credit Card – Includes fake emails and calls claiming there’s a problem with your account in order to steal money and information – or fake credit card debt consolidation
9. Credit Repair/Debt Relief
10. Identity Theft -can we say not a matter of if but when it will happen to you?

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