Most Americans don’t know their credit score, according to a recent survey from the American Bankers Association.
The annual survey of 1,000 U.S. adults found that just 42 percent of respondents know their score. Credit scores represent a person’s creditworthiness, and are used by lenders to decide whether to lend consumers money and at what rate. A consumer’s credit report, which indicates whether a person pays their bills on time and how much of their available credit they use, influences their credit score.
Another recent survey found that many Americans have little to no understanding of how credit scoring works.
For more industry news, visit our Creditors page.