Creditnet News Story
Credit score improvement among questions being fielded by lending institutions
Wednesday, February 17, 2010
By Sam Lee
Survey shows some customers want to know how a credit score is determined.
Trying to improve a credit score is on the minds of a number of financial customers, according to a recent survey from Wolters Kluwer Financial Services.
According to the poll from the firm, which surveyed financial institutions in December, one in every five respondents said their customers often asked about how their credit scores are determined or what they can do in order to better their scores.
One of the main ways that consumers can do so is by reducing their debt, which was also the subject of some questions encountered by the organizations surveyed. Of those polled, almost 16 percent said that customers have asked about ways with which to deal with debt.
When it comes to what can hurt a credit score, consumers should keep in mind that having high balances on credit card accounts can decrease their score. In fact, FICO reported that a person with a credit score of 680 who maxes out a credit card can expect their number to drop between 10 to 30 points.
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