According to a national credit score knowledge survey released this week, millenials are less knowledgeable about credit scores than older Americans. In fact, the Consumer Federation of America (CFA) and VantageScore Solutions, LLC survey finds that 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.
When asked which of six types of businesses – ranging from credit card issuers to landlords to cell phone companies -- might use credit scores, only 18 percent of millennials, compared to 32 percent of older consumers, correctly identified all six. Less than half of millennials, compared to more than 60 percent of those 45-64 years of age, know that age is not used in calculating credit scores. And less than two-thirds (65 percent) of millennials, compared to three-quarters (75 percent) of older adults, know that the three main credit bureaus collect information on which credit scores are based.
On today’s episode of Your Money Your Matters, we will talk about what makes up a credit score, and why knowing and monitoring your credit score is so important to your overall financial health.
Your Money. Your Matters is a weekly show broadcasting every Tuesday from 11 a.m. to noon Central Time. The program features radio personalities Linda Webb-Mañon and Rick Grady, Cornerstone Credit Union League; Courtney Moran, Cornerstone Credit Union Foundation, and Todd Mark, Consumer Credit Counseling Services.
Each week, the four discuss financial issues of most importance to consumers. Tune in; share your thoughts; or gain helpful advice.
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