TransUnion's TrueCredit.com Reveals Americans Know Little about Their Own Creditworthiness

Interest rate concerns, State and Federal legislation and the prevalence of identity theft have made credit reports and scores a regular fixture in headlines over the past couple of years. But has that translated into greater consumer credit awareness? TransUnion’s TrueCredit.com recently commissioned Roper Public Affairs to gauge how much Americans really know about their own credit. When asked if they know their credit score, only 19 percent of respondents could provide an answer falling inside the correct scoring range, while 64 percent report they simply do not know their score.

“Despite a heightened presence of credit topics in the media, Americans know shockingly little about their own credit,” said John Danaher, President of TransUnion’s TrueCredit.com. “People need to understand that knowing your credit score and what is contained in your credit report is just as important as knowing your bank balance or the value of your 401(k), and it’s never been easier to do.”

The survey revealed that close to half of respondents (48 percent) never check their credit reports and one in five (19 percent) say they check their reports less than once a year.

The survey also demonstrates a noteworthy correlation between income level and credit knowledge:

• Those with household incomes of $50,000 or greater are more than twice as likely to know their credit score as those who make less (34 percent vs. 15 percent)
• Sixty-nine percent of those making less than $20,000 never check their credit reports, vs. 33 percent of those making $50,000 or more

“Guess what? Access to your own credit information is not a privilege reserved for the wealthy,” added Danaher. “By understanding how credit grantors and lenders perceive you now, virtually anyone, regardless of income level, can become a more attractive loan candidate and secure better terms for an upcoming purchase.”