Americans Just Don't Get Credit Scores: Study

But only 29% of consumers knew that, on a $20,000 auto loan, borrowers with low credit would pay $5,000 or more than a consumer with high credit over the life of the auto loan. Additionally, only 44% of survey respondents knew that credit scores were based on a person's ability (or inability) to pay a loan or a bill, and that scores weren't strictly measured by debt alone.

CFA calls that knowledge gap a "serious misunderstanding" on the part of American consumers. Left as is, consumers may find their lack of credit knowledge will end up hurting them where it hurts most -- in the bank account -- in an economy where money is tight, and consumers are tossing nickels around like manhole covers.

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