Only 56% of Consumers With a High School Education or Less Know What a Credit Score Is
Norwalk, Conn. — May 28, 2010 — A survey of 1,000 U.S. consumers 18+ revealed that the less educated have less knowledge and awareness of a credit score. The results reported in the Second Quarter 2010 FreeScore.com Consumer Credit Score Awareness Study shows that 56% of consumers with a High School education or less know what a credit score is, versus 72% of consumers with at least some college — a 16 point spread and a 22% difference.
Further while both a January and April 2010 a drop in credit score awareness among all education levels. Consumers who had a high school education or less showed the greatest drop with a 14% decrease in awareness.
The Study results compared January and April online polls of 1,000 Americans ages 18+. Full results below:
|1. Awareness of credit scores increases across education levels:|
|High School or Less||65%||56%|
|College and Higher||77%||73%|
|2. Those with higher education are more likely to know that the credit bureaus are responsible for assigning credit scores:|
|High School or Less||76%||64%|
|College and Higher||79%||80%|
|3. With higher education also comes a greater awareness that there are 3 credit scores. In addition, only less educated consumers saw a decrease in awareness between quarters:|
|High School or Less||34%||32%|
|College and Higher||49%||49%|
According to Carrie Coghill, Director of Consumer Education for FreeScore.com, "The drop in credit score awareness among all groups is a disconcerting trend that must be combated through continued credit score education. However, the significant decrease in awareness for the less educated is a further detriment to an already vulnerable education group. In the financial world, knowledge is power. That's why, regardless of formal education, it is critical to educate yourself about credit and credit scores."
Ms. Coghill suggests all consumers educate themselves about the factors affecting credit scores and reports by going to informative websites like the Federal Trade Commissions credit information website. In addition, check your credit reports from Experian, TransUnion, and Equifax once a year at the government site www.AnnualCreditReport.com, or check your 3 credit scores and reports as often at FreeScore.com.
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.