Illiteracy on Credit Report and Score

TrueCredit Survey Reveals Startling Illiteracy on Credit Report and Credit Score

Nearly 90 Percent of Americans Do Not Know their Credit Scores

In a new survey commissioned by TrueCredit.com, only ten percent of those polled could answer the question "What is your credit score?" with a correct three-digit response ranging between 300 and 850. The survey, conducted by Roper Public Affairs, also revealed that only one in eight knew what constituted a "good" credit score (650 through 850).

"It is shocking how little Americans know about their credit," said John Danaher, President of TrueCredit.com. "Consumers are in the dark as to their financial well-being and this is likely costing them billions each year."

"Good credit is a cornerstone of your financial profile, enabling you to finance major purchases such as a home, education or car," added Danaher. "Not knowing about your credit can expose you to higher interest rates, which translates into less money in your pocket at the end of the day."

Other findings include:

• One in five Americans living in the West were correctly able to identify a good credit score, almost twice the national average
  
  
• When asked about what constitutes a good credit score, women are more likely than men to say that they do not know or have never checked their credit score (73% vs. 64%)
  
  
• Americans 18 to 24 years old and those over 65 are the least likely to know their credit score, with only 6% and 2% respectively giving a correct three-digit response