Norwalk, CT (PRWEB) 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:
Fact: Q1 Q2
1. Awareness of credit scores increases across education levels:
High School or Less 65% 56%
Some College 72% 71%
College and Higher 77% 73%
2. Those with higher educations are more likely to know that the credit bureaus are responsible for assigning credit scores:
High School or Less 76% 64%
Some College 77% 74%
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%
Some College 40% 42%
College and Higher 49% 49%
According to Carrie Coghill Kuntz, 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 Kuntz 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 http://www.AnnualCreditReport.com, or check your 3 credit scores and reports as often at FreeScore.com.
FreeScore.com is a service that provides consumers with access to their credit scores, reports and monitoring. For more information, go to http://www.FreeScore.com.
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*The data for the Second Quarter 2010 FreeScore.com Consumer Credit Score Awareness Study was collected through Survey Sampling International in Shelton, Connecticut. Results have a margin of error +/- 5%.