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Survey: Nearly half of American consumers want to understand credit, improve credit score

credit-card-finance2A recent survey by FreeCreditScore.com revealed that 83 percent of Americans know their credit scores, while 42 percent of consumers indicate that they’d like to improve their credit scores but don’t know how.

“The survey is an eye-opener to the fact that many people think about credit on a regular basis but don’t feel empowered to take control of their credit scores,” Ken Chaplin, the senior vice president of marketing for FreeCreditScore.com, said. “We’ve enhanced the freecreditscore.com website and launched our new, free Score Planner tool to remove the mystery around credit scores and help members and nonmembers alike take steps to better understand how their actions impact their credit score.”

Sixty-five percent of respondents indicated that they thought about their credit score when participating in activities that could affect it, including maxing out a credit card, applying for a new card or missing a payment. Women, at 68 percent, are more likely than men, at 61 percent, to consider their credit score before making credit decisions.

Consumers should monitor their credit scores throughout the year. More than 25 percent of respondents indicated that they have never checked their scores because they do not find it necessary. Ignoring the credit score could lead to unintended consequences for the consumer.