Posted on April - 02 - 2011
A New Academic Study Scrutinizes Credit Score Reporting
The all-important credit score has gained so much significance in our modern lives that a team of researchers from the University of Missouri plan to spend more than a million dollars to study it.
The group of experts was given $1.13 million in grant money by the U.S. Federal Trade Commission, and the educational institution released a statement to the media explaining that the focus of their research is to gain more insight into the how disputes related to credit scores are resolved. Under the Fair Credit Reporting Act – a piece of legislation that attempts to protect consumers from unfair lending practices – anyone who has a credit score is entitled to contest it, ask for errors to be corrected, or block access to their credit history. The study hopes to find out whether the process for resolving problems with credit score is effective and efficient.
They will also study how use of credit is evolving and how the payment habits of consumers impact their credit worthiness and overall financial health. We all know by now that Americans tend to spend money like crazy when it doesn’t belong to them and that they then suffer burdensome repercussions trying to pay back all those loans and credit card balances. The new research will hopefully shed fresh light on the subject to help educate consumers about how to use their credit more responsibly.
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