According to Survey, 42% of Americans Prefer Credit Grades to Scores
Another 30% prefer Credit Scores; While 28% have no preference
Norwalk, Conn. — March 5, 2012 — Forty-two percent of Americans prefer a letter grade associated with a credit score, rather than the more traditional credit score offered by the national credit bureaus, according to a February 2012 survey conducted by Freescore.com.
Another 30 percent of the 300 survey respondents indicated they prefer to view credit scores as provided by Experian, Equifax and TransUnion, the three major US credit bureaus.
From the survey:
Instead of credit scores, would you rather have credit grades? For example, Scores above 750 would = "A"; 700-750 = "B", and so on.
|No preference||28.17 %|
FreeScore.com is a credit service that provides its members access to all three credit scores and reports from the three major bureaus, as well as a letter grade to further help consumers understand their credit standing. The grade ranks credit worthiness from A-F and, specific to FreeScore.com, can match a member up with targeted money-saving offers based on the credit grade assessment.
Rankings are as follows*:
|581 or less||F|
*Credit Grade is based on TransUnion Credit Score
According to Carrie Coghill, director of consumer education for FreeScore.com, "For many people, credit scores do not have instant meaning like a credit grade. And credit score meaning matters. It can help put consumers in control of their credit by making it easier to understand. A credit information service like FreeScore.com helps empower consumers with specific details regarding their actual scores, such as grades, along with credit profile details, monitoring and alerts should anything change."
Coghill also noted that the survey revealed that more than one in five (22.9 percent) did not know their credit scores before applying for a mortgage.
"Knowing your scores before you apply for loans is also empowering. It helps put consumers in the driver's seat of their own credit management. Of course, knowing the meaning of credit scores, or a credit grade, is paramount to taking appropriate actions – it is why we provide people the choice," she concluded.
About FreeScore LLC
FreeScore.com, the value leader in online consumer credit services, providing members with affordable, unlimited access to all three credit scores from each of the national credit bureaus: TransUnion, Experian and Equifax. Over one million consumers trust FreeScore.com for their three bureau credit scores and information. For more information, go to FreeScore.com. FreeScore.com is a service of FYI Direct, Inc.