WASHINGTON (2/17/12)--A new website provides information and translation services to help Hispanic Americans learn more about their credit scores.
The site, introduced by Hispanic America Saves, Consumer Federation of America and VantageScore Solutions, features questions and answers that provide the information consumers need to know about credit scores.
Especially important information for Hispanic Americans about credit scores includes:
- Information related to race, ethnicity, country of origin, or whether consumers speak English are not reported to the three national credit reporting companies--Equifax, Experian and TransUnion--and are not factors used to determine credit scores.
- Credit scores affect whether consumers can get credit and at what price.
- Those who make all loan and credit card payments on time are likely to have good credit scores.
- The scores are based on information in credit files housed by the three national credit reporting companies.
"Hispanic Americans can benefit from knowing more about credit scores because these scores affect the availability and costs of car loans, credit cards, mortgage loans, and even electricity and telephones services," said Larry Garcia, president/CEO of the credit union service organization El Paso Credit Union Affordable Housing and leader in the Hispanic America Saves program.
Hispanic America Saves is part of America Saves, a nationwide campaign that encourages consumers to save. America Saves Week begins Sunday. (See related stories, CUs encouraged to take part in America/Military Saves Week in the Washington section and H&FF Radio kicks off America Saves Week in the Consumers section.)