Consumers Know Little About Credit Reporting

MoneyTips

A recent survey by Credit Takeoff revealed that although the majority of the 500 American respondents prioritize having a good credit score, many have a poor understanding of how credit scores and credit reporting work.

Only 28% Are Very Knowledgeable About How Their Credit Score is Calculated

The results of the survey suggest that Americans don't have a solid understanding of how credit scores are calculated. Only 28% of respondents report being very knowledgeable on the subject, while 49% are somewhat knowledgeable. Twenty-three percent admitted to not being very knowledgeable about how their credit scores are calculated.

Even so, the vast majority of respondents (87%) agree that having a good credit score is important to them. Eighty percent know they can check their credit score for free, and 78% have checked theirs in the last twelve months. Further,...

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