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(KSL News) -- A new survey shows many Americans are clueless about their credit scoring, and that's costing them on interest rates.
In a survey commissioned by the Consumer Federation of America, 50-percent said their knowledge of credit reports was fair or poor. And 61-percent felt that way about their grasp of credit scores.
Credit scores represent your credit risk and worthiness. And good credit can save you thousands of dollars in interest rates.
Travis Plunkett, Consumer Federation of America: "So it's very important for everybody's financial health to know what's in those reports and to know that our findings are that there are significant number of errors and a lot of incomplete information."
The Fair Credit Reporting Act expires in January and Congress is in the process of revamping it to allow Americans free credit reports once a year.