The credit score calculator used by some consumers can give them a false sense of security, says Credit Suisse’s chief economist.
The new calculator, which is available in the U.S. and Canada, will give consumers a clearer sense of what credit scores they might need to make mortgage payments and make certain financial decisions, said Daniel Bausch, chief economist at Credit Suise in New York.
Bausch is also leading a new study of credit scores that is being released in February, titled How Credit Scores Can Give Consumers a False Sense of Security.
Credit Suisse is one of many financial firms to make the new credit score tool available to consumers.
Other firms are Equifax and TransUnion.