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Byline: Lesley Mitchell
Sep. 23--This three-digit number may play a role in how much consumers pay for just about every type of consumer loan, but a report released this week by the Consumer Federation of America shows just how little people really know about their credit score.
And that can be costly.
Credit scores not only help determine whether you will qualify for most consumer loans, but they also help financial services companies determine how much they should lend to you and at what interest rate.
Although the scales vary, credit scores used in lending decisions generally will range from 300 to 850. In most cases, consumers with a score below 600 are charged the highest rates on consumer loans while those with scores above 700 pay more attractive rates. People with scores…
Source: HighBeam Research, Credit scores remain a potentially costly mystery to many Utahns.