When it comes to assessing lender risk associated with a potential homebuyer, the credit score is a crucial tool. And the average American understands and accepts the importance of their credit score when it comes to loan approval and terms — right?
Not necessarily. A new survey from Formfree, which aims to empower borrowers, challenges that assumption, revealing that one in 10 Americans have no idea what their credit score is and one in five Americans do not know how to even check their credit score. Many have altogether given up on the idea of owning a home due to their credit score.