Credit Score Awareness Drops as New-Home Sales Decline
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 FreeScore.com 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 FreeScore.com, "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 AnnualCreditReport.com, or they can check all three of their credit scores and credit reports as often as they wish at www.FreeScore.com.
*The data for the Second Quarter 2010 FreeScore.com Consumer Credit Score Awareness Studies were collected through Survey Sampling International in Shelton, Connecticut. Results have a margin of error +/- 5%.
About FreeScore LLC
FreeScore LLC is a leading provider of online information management services that help consumers take charge of their own finances to reach their financial goals and achieve safety and security in their personal lives. FreeScore.com is a leading online consumer information site, providing its members with affordable, unlimited access to all three of their credit scores and their complete credit profile. Launched in 2009 with an award-winning marketing campaign, more than 750,000 members have joined FreeScore.com to better understand their credit scores and reports. Members have unlimited access to their credit scores from all three bureaus, a complete credit profile, credit score simulator, and expert tips, articles, videos and other educational information about managing your own credit.