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Poll: Millennials know less than others about credit scores

Summary

The 35-and-younger crowd knows less about credit scores than other American adults, a survey from the Consumer Federation of America and VantageScore Solutions shows

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Millennials know less about credit scores than other American adults, a survey from the Consumer Federation of America and VantageScore Solutions shows.

Adults were asked to pick out which entities — cellphone companies, landlords, home insurers, credit card issuers, mortgage lenders and electric utility companies — use credit scores. The correct answer is that all of those entities may use credit scores in judging consumers — which only 18 percent of millennials knew. Other adult respondents were about twice as likely to get the right answer.

The same knowledge gap applied to other credit scoring matters. Only 65 percent of millennials realized that the three major credit bureaus (Experian, Equifax and TransUnion) collect information on which the scores are based; 75 percent of older Americans knew the statement was true. Only 47 percent of millennials knew that age is not a factor in calculating scores; more than 60 percent of those 45-64 years old knew that was the case.

In the survey, which was fielded by ORC International, millennials were categorized as adults under the age of 35. A national sample of 1,004 adults was taken by cellphone or landline from April 17-19, 2014. There was a margin of error of plus or minus 3 percentage points.

 

See related:What financial advice do millennials say they need?, More infographics

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