Survey: Half of American Adults Don’t Check Their Credit Score at All

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Original Survey Source Credit: The Simple Dollar

Your credit score is not merely a passport to loan and mortgage approvals. It can decide whether you can access favorable interest rates or get stuck with subpar credit-based products. Regular credit score checks can boost your likelihood of securing an attractive mortgage rate or personal loan and fortify your long-term financial stability. Despite this, a staggering 51% of Americans neglect to check their credit score, as revealed by a recent survey from The Simple Dollar.

Snapshot: A Survey Reveals 50% of U.S. Adults Don't Peek at Their Credit Scores

  • A recent survey of 879 American adults uncovered that a staggering 50%+ admitted never checking their credit score. This surprising finding underscores many Americans need more awareness or indifference toward personal financial health. 
  • A portion of the respondents, precisely 39.7%, indicated that they check their credit score, but only periodically - about once a month. Though not as negligent, this group might still be at risk due to the infrequent credit status monitoring. 
  • Meanwhile, a minuscule percentage of the respondents, a mere 8.6%, confessed to checking their credit score more than once per month. This small group represents the population that takes a proactive approach to managing their financial health. 
  • As you can see, Americans have a wide gap in credit score awareness. You should reconsider if you fall into the 50% + group that never checks their score. Regularly monitoring your credit score is integral to maintaining good financial health and securing your future.

Do You Regularly Peek at Your Credit Score?

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Unveiling the Perks of Staying Informed About Your Credit Score

Imagine the power of having a firm grasp on your credit score, especially if credit plays a pivotal role in your financial landscape through personal loans, credit cards, and more. The advantages are manifold.

Shaves Off Your Time Spent Hunting for Loans

When you delve into the "personal loans" world, you're met with a tidal wave of financial products and websites, each vying for your attention. However, it's easier to discern which offerings you're eligible for with a clear understanding of your credit score. Are those tantalizingly low rates reserved solely for highly qualified buyers? Could you be one of them?

Shielding Yourself from Fraud and Scams

In the contemporary digital landscape, a credit report often serves as the early warning system for victims of fraud, revealing unusual activity linked to their identities. The alarming reality is that data breaches are escalating, causing the average American to experience data theft approximately four times.

Charting a Path Towards the Future

Imagine confidently striding into the future, armed with the knowledge of your credit standing. It's the power of regular credit score checks, especially if you're grappling with a low score or zero credit history. By setting achievable benchmarks, you can observe the impact of your actions on this crucial financial metric.

So, when you're ready to take the plunge and apply for that business or student loan, you won't be stepping into the dark. Instead, you'll know precisely where you stand and the strides you must make to meet the qualifying criteria.

Get Your Credit Score & Free Credit Report Now

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How Your Credit Score Can Open Doors to Emergency or Personal Loans

Uncertainty often colors our financial futures. Many may not foresee needing a personal loan amidst an unforeseen crisis, but a healthy credit score can be your lifesaver when such a need arises. Undetected fraud or inaccuracies in your credit record could hinder access to these imperative loans in your hour of need. Therefore, staying informed about your credit score becomes crucial in ensuring seamless access to loan facilities, whatever the circumstances. However, it's worth noting that even a less-than-stellar credit score does not spell absolute doom in securing a loan.

Exploring Why 50% of U.S. Adults Skip Out on Checking Their Credit Scores

Recent interactions with acquaintances, including office colleagues, friends, and family members, revealed some fascinating insights into their credit score-checking habits. Intriguingly, the statistic of 51% of individuals not checking their credit score mirrored in their circles.

When probed about their reasons for not keeping tabs on their credit scores, they received the following responses:

  • My spouse does that stuff.
  • Didn't know it was that important.
  • I already know I have horrible credit.
  • I don't use credit cards or plan on taking on loans anytime soon.

Peeking Behind the Scenes: How the Survey Got Conducted

In an insightful survey between August 26 and 31, 2020, they reached out to 879 Americans, all over 24. As part of their comprehensive research, they gathered data on the respondents' age, location, and gender. Interestingly, their analysis revealed no significant differences based on these factors. This intriguing survey got conducted in collaboration with Google Surveys.

The alarming figures underscore the lack of awareness and importance of credit scores among the adult American population. A credit score is crucial to securing any loan or credit. Ignorance of such a critical aspect of financial health could lead to severe repercussions.

Furthermore, gender disparities were surprisingly minimal in this context. Of the men who participated, 48.7% confessed they never checked their credit scores. At the same time, 51.2% of the women shared the same lackadaisical attitude toward their credit health. This issue of lack of concern cuts across gender lines.

Get Your Credit Score & Free Credit Report Now

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100% free credit scores & full reports updated on a daily basis.


Age and Credit Score Check Frequency 

On the other hand, the frequency of credit score checks varied notably across different age groups. The study found that respondents in the 35-44 age group were the most vigilant, with 35.4% reporting that they check their credit score at least once monthly. In stark contrast, only 20.6% of respondents aged 55-64 checked their credit scores with the same regularity.

This apparent indifference to credit health among many American adults could be because of a need for more education and awareness about the importance of a credit score. It's crucial to note that a poor credit score can lead to higher interest rates, loan rejections, and more difficulty in securing housing or employment.

Therefore, efforts must increase to promote the significance of a good credit score. This study is a wake-up call to all Americans, reminding them of the importance of financial literacy and responsibility. Let's hope this survey catalyzes change and encourages every American to take their credit health seriously.

Original Survey Source Credit: The Simple Dollar
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