40 Force: Credit Check – Understanding Your Credit Score
SPRINGFIELD, Mass. (WGGB) — According to recent data from the Federal Reserve, almost 177 million Americans have a credit card.
The average number of cards per person – 3.5.
Clearly, keeping track of your credit score is more important than ever, but do you even know what your credit score is?
“[Do you know your credit score?] I don’t,” says Allison Lonczak of Chicopee.
“[Do you know what your credit score is?] I do not. [You know what a credit score is?] Yes I do,” adds Nick Delbuono of Springfield.
In fact, nearly half of all Americans admit they don’t know their credit score, and the younger the person, the less of a chance they keep track.
A recent poll shows 60 percent between the ages of 18 and 34 were unaware of their credit score.
Those a little older were a little more savvy – with 42 percent of those 35 years and older not sure of their credit score.
“I have credit cards and i do use them. [A lot?] No. [Do you know what your credit score is?] Ahhhh… It’s pretty good,” says Al Rivers of Springfield.
But all is not lost. The proportion of adults inquiring about their credit score has increased to 44 percent, up from 37 percent in 2011.
Still, most of those surveyed haven’t reviewed their scores, leaving their financial future up to chance.
A credit score affects the rate you pay on all types of things, from mortgages to renter’s insurance to auto loans.