As people borrow, many are defaulting on loans at a higher rate. Many tend to ignore the more complex factors of their personal finances. Sometimes this is done in an effort to ignore problems that are plaguing their money issues. However, the fact is, a growing number of Americans do not know about figures that can affect their daily lives.
A recent Consumer Federation of America report found many people in the United States do not understand a few key aspects of consumer credit
scores. Fifty-six percent and 54 percent, respectively believe that age and marital status affect one's credit score, which is untrue. Another 51 percent falsely believe credit repair companies are helpful in correcting credit reporting errors. In reality, if there is an error with a report, the individual should consult with one of the three major reporting bureaus - Experian, Equifax or TransUnion. According to the Equifax website, a consumer can begin an investigation into a disputed area of a credit report online. After filling out a file on the alleged mistake, the issue can be dealt with quickly by employees of the bureau.