Credit score understanding still lacking

A consumer credit score is designed to give financial lenders a hard number to measure whether it's worth the risk to loan to a borrower. Yet it seems some people still don't fully grasp what affects their creditworthiness, the Detroit Free Press reports. A recent survey from the Consumer Federation of America revealed that more than half of those polled think a person's age and marital status are used to determine scores, the news source states. While both are factored into the equation, the score more heavily relies on one's ability to pay off bills. Also, about 20 percent of respondents believed that ethnicity is used to determine a score, which is false. The ability to pay off loans is having the greatest effect on recent college graduates who can find themselves in major credit card debt if they're unable to afford a car, apartment or other amenities right out of school. "Can they realistically pay that once they get out of college?" asked Barrett Burns, president and CEO of VantageScore Solutions, as quoted by the media outlet. Of course, student loans can be a credit score burden as well, and Investopedia suggests considering options such as forbearance, consolidation or deferment to lower monthly payments.