Millennials Know Less About Credit Scores Than Do Other Adult Americans, According to 4th Annual National Survey
Those Who Have Not Obtained Free Credit Reports Have Less Knowledge About Credit Scores
May 12, 2014 by Consumer Federation of America Press Release
The fourth annual national credit score knowledge survey, released today by the Consumer Federation of America (CFA) and VantageScore Solutions, LLC, reveals that millennials know less about these scores than other adult Americans. Those 18-34 years of age know less about which businesses use the scores and less about who collects information on which the scores are based, while being more likely to erroneously think that credit repair companies can always or usually be useful in correcting errors and improving scores. An important reason for their lower knowledge appears to be that millennials are much less likely than other adult Americans to have ever obtained the free credit reports (49% vs. 74%) on which their credit scores are based. “Obtaining their free credit reports not only allows consumers to check the accuracy of the reports but also appears to motivate them to learn more about credit scores,” noted CFA Executive Director Stephen Brobeck.