Survey Reveals Income Divide Applies to Credit Scores

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Percent of Households that Know What a Credit Score is: Less than $35K per year: 59% More than $75K per year: 80%.

An April 2010 study of 1,000 U.S. consumers a significant lack of credit score awareness among lower income, less educated individuals. The April results are part of the Second Quarter 2010 FreeScore.com Consumer Credit Score Awareness Study*, which compares January and March online polls of 1,000 Americans ages 18+. Results are as follows:

Fact:                         Q1            Q2    
1.    Those with the lowest income are least likely to be aware of what a credit score is:    
    Less than $35K            67%            59%
    $35K-$49.9K                70%            71%    
    $49.9k-$74.9K            78%            73%        
    More than $75K            76%            80%

2.     Those with a higher education are more likely to be aware of what a credit score is:
     High School or Less        65%            56%        
    Some College                72%            71%            
    College and Higher            77%            73%             

According to Carrie Coghill Kuntz, Director of Consumer Education for FreeScore.com, “The discrepancies in overall awareness between lower income less educated consumers, and higher income well educated individuals show there is a need for personal financial education in public schools across the country. However, until this is a reality, all consumers can begin educating themselves about the importance of credit scores and reports by going to informative websites like the Federal Trade Commission’s credit information website,”

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 more often at http://www.FreeScore.com .

About 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%.

The articles and information available are for educational and reference purposes only. They do not constitute, and should not be construed as, legal or financial advice. Any legal or financial principles discussed here are for general information purposes only and may differ substantially in individual situations and/or in different states or countries. For specific legal or financial advice, please consult a licensed attorney or a financial professional. FreeScore does not control or guarantee the accuracy of any information provided through external links from the articles on this website to any other website, nor does the FreeScore privacy policy apply to any personal information that may be collected via the external links.

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Aaron Berger

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