Credit Score Awareness Drops as New-Home Sales Decline

Media Contact:
Rob Wyse

Norwalk, Conn. — June 28, 2010 — Consumer awareness of credit scores dropped 12% in just three months, which coincided with a record reduction in new-home sales. As sales of new homes were declining, just 68% of Americans claimed to know what a credit score was, compared with 77% in January — a 12% decrease. The drop in awareness comes as a May housing report showed that only 300,000 new homes were sold in May, a 32.7% decline from new homes sold in April.

The greatest drops in credit score awareness were among individuals aged 35-54 and those who have a high school education or less, with each group seeing a 14% drop in credit score awareness. Households making less than $35,000 a year saw a 12% drop in awareness, while married consumers' awareness declined by 8%. The results are part of the Second Quarter 2010 Consumer Credit Score Awareness Studies*, comparing January and March online polls, each of 1,000 Americans ages 18+.

According to Carrie Coghill, Director of Consumer Education for, "If a new government incentive — like another first-time buyer rebate — should kick in, consumers need to be ready. Staying aware of your credit scores is important if you do want to make a major purchase. There are often discrepancies in credit scores and credit reports that can take time to remedy. So credit score awareness is a crucial part of being financially literate today, regardless of whether or not you're applying for a new home loan."

Consumers can check their credit report from each major credit bureau once a year at the government site, or they can check all three of their credit scores and credit reports as often as they wish at

*The data for the Second Quarter 2010 Consumer Credit Score Awareness Studies were collected through Survey Sampling International in Shelton, Connecticut. Results have a margin of error +/- 5%.

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