Here’s what you need to know about consumer scores

On Your Side

Most of us have a credit score. That’s a number based on your credit report and an analysis of your spending and debt. That score is used to determine how creditworthy you are.

What about a consumer score? Most likely, you have one but you don’t know what it is.

FOX8 On Your Side talked with Lachelle Yates, with the Better Business Bureau, about these new consumer scores.

“It seems to be based on the number of products we’ve returned or comments made on blogs,” Yates said.

But there’s very little information made public about how companies are using that information to give you that consumer score. It’s also known as a CLV or customer lifetime value score. It’s supposed to let a business know how much money it can expect to make from you over your lifetime.

“We should pay attention to our consumer score because businesses are making decisions about us as consumers,” Yates said.

The consumer score can mean a business will accept your return without question. It could even determine how long you are placed on hold with customer service.

So how do you know what your consumer score is? That’s the problem. Only California and Europe have laws giving you the right to the data that’s collected about you.

“We’d like to see some transparency on how the consumer score is calculated and what the consumer score is,” Yates said.

But until then, the BBB advises being a good customer.

“We tell consumers to keep your receipt. It’s your contract with a business. It shows the return policy and shows you made a purchase,” Yates said.

There are at least five companies that provide consumer scores for businesses. You can try contacting them to get information about your consumer score.

Must-See Stories

More Must-See Stories


Follow FOX8 on Twitter