Washington, D.C. – At a press conference today, Hispanic America Saves, Consumer Federation of America and VantageScore Solutions, LLC, announced the availability of www.cuestionarioparaelpuntajedecredito.org, an interactive and educational website and brochure on credit scores translated into Spanish. Both feature 20 questions and answers that provide the most important information consumers need to know about these scores.
The English versions of the website and brochure, which can be found at www.creditscorequiz.org, were announced last year along with the results of a national survey which administered the 20 questions to a representative sample of adult Americans. In findings unreported until now, the survey found that sixty percent of Hispanic Americans, but only forty percent of other Americas, said their knowledge of credit scores was poor or fair.
Among the most important information Hispanic Americans need to know about credit scores are that:
Information related to race, ethnicity, country of origin or whether consumers speak English are NOT reported to the three national credit reporting companies and are not factors used to determine credit scores.
Credit scores affect whether consumers can get credit and at what price.
Those who make all loan and credit card payments on time are likely to have good credit scores.
The scores are based on information in credit files, which are housed by three national credit reporting companies: Equifax, Experian, and TransUnion. To check whether this information is accurate, go online to www.annualcreditreport.com or call 877-322-8228.
“Hispanic Americans can benefit from knowing more about credit scores because these scores affect the availability and costs of car loans, credit cards, mortgage loans, and even electricity and telephones services,” said Larry Garcia, President and CEO of El Paso Credit Union Affordable Housing and leader in the Hispanic America Saves program. “I’m encouraging everyone to visit this website regardless of whether they are thinking about applying for credit, as a good credit score is indicative of healthy financial behaviors.”