Credit Score Killers

By Zaneta Lowe  - bio | email

COLUMBUS, GA (WTVM) - Did you know your credit score could affect what you pay for cell phone service?  That's just one of 25 questions featured on a new website, creditscorequiz.org.  The website is a partnership of Consumer Federation of America and VantageScore.  They say the goal is to provide more education to consumers about credit scores.

For example, officials say there is now more availability of generic scores at sites like annualcreditreport.com.  Also, while experts say many consumers assume a score over 700 is good, it actually depends on which "scoring model" the lender is using.  A 700 might be good on a scale that's 300-850, but there are others that go from 501-990.

When it comes to things that hurt your score, late and missed payments certainly top the list.  For consumers that have been caught in the housing crunch, experts say delinquency hurts more than any type of modification.  Tax liens and foreclosures can impact a score up to 140 points.  On a positive note, they say it only takes about nine months to repair your credit.

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