Six in ten consumers don’t know their credit score

Your credit score is the three digit number that helps everyone from mortgage companies to mobile phone providers decide how trustworthy you are when it comes to paying them back the money you owe them.

A survey of 1100 people by MyCreditMonitor (www.mycreditmonitor.co.uk) found that 42.5% of those questioned expected their credit score to have some impact on their financial decisions in the coming year.

However, while this seems to demonstrate a general awareness of how important credit scores might be, the survey also finds that others seem to contradict this what with an astonishing 6 out of 10 people admitting to not knowing what their credit score was.

Moreover, 40% of those consumers who use credit wouldn’t check their credit score before applying for a credit card, loan or other type of borrowing. This is despite the process being quick and easy to do online.

These figures from the survey suggest that while consumers seem to know that their credit score is important, most of them don’t actually know what their credit score is!

MyCreditMonitor wants to get rid of this contradiction, urging consumers to become savvier when it comes to keeping their credit activity in good shape.

Jenny Walker of MyCreditMonitor, said, “Credit scores are nothing new and we all have one. It seems that a large percentage of consumers are aware of how significant their credit score is, and the impact it could have on the important decisions they make. Yet the majority of people don’t actually know what their credit score is. Worse still, it seems many of us are still applying for credit without even checking our credit score to find out what chance we have of being accepted, or if we’re in a position to get a better deal than the one we were applying for.”

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