Most Americans lack basic understanding when it comes to their credit score and personal finance, according to the results of a survey by consumer advocacy group Consumer Action and financial services provider Capital One.
The survey polled 1,002 American adults. It gauged respondents’ knowledge of the basics of personal finance like budgeting, saving habits and credit principles.
More than one-third reported they do not use a budget to manage their family’s expenses; over 30 percent of those surveyed either did not know or responded incorrectly when asked to define a good credit score; and nearly one-fourth have never reviewed their credit report.
“Given the growing importance and influence of credit scores on purchasing decisions, it’s startling that the majority of Americans do not understand what constitutes a good credit score,” said Ken McEldowney, executive director of Consumer Action.
Various factors are used to determine a credit score, including a consumer’s payment history, the amount of debt currently owed and the length of credit history.
An amendment to the federal Fair and Accurate Credit...
To view and download this full PLR article, you must be logged in. Registration is completely free. Once you create your account, you will be able to browse, search & downlod from our PLR articles database of over "1,57,897+" on 1,000's of niches and 200+ categories without paying a penny. Click here to signup...
