Press "Enter" to skip to content

More than half of Americans check it monthly

More than half of U.S. consumers review their credit score at least monthly, which has helped lead to more positive credit behavior and responsible borrowing habits, according to a new study from Javelin Strategy & Research that was sponsored by TransUnion.

Credit reports and scores have become more accessible for Americans, roughly 87% of whom receive updates for free, according to the study given to USA TODAY exclusively. That helped consumers build an awareness and an understanding of their creditworthiness, experts say.

“It’s a really positive thing to see how engaged consumers are in understanding and monitoring their credit,” says Amy Thomann, head of consumer credit education at TransUnion. “More than half of U.S. consumers believe that they have control over their daily finances and feel more confident about their financial future.”

Consumers turned to multiple sources to review their credit data, ranging from financial institutions to credit reporting agencies to third-party monitoring services. Nearly one in five consumers who used TransUnion’s CreditView Dashboard at least once through their banks and credit unions saw their scores improve 40 points or more in 2018. 

Taxes 2020:Divorce, alimony and taxes: What you need to know

Secret debts:Why are we hiding our personal finances from loved ones?

Credit scores are more accessible to Americans.

Roughly 71% of consumers who check their scores at least once a month perceive that they have control over their day-to-day finances, the study says. That compares with roughly 54% of consumers who never check their score.

More than one-third of subprime consumers (34%) who monitored their credit from March 2018 to March 2019 boosted their credit score to a near prime or above credit risk tier. That percentage dropped nearly in half to 18% for those consumers who didn’t monitor their credit in the same period. 

Source link

Brett Gonzalez
Author Details
Content Writer At Healthcare Industry Reports

Brett loves to read and write about business and thus, has some of the best contents regarding business penciled down for a number of reputed portals. Brett has successfully completed 2 Years with the Healthcare Industry Reports portal. He plans to have a part-time course chosen for all the juniors to be educated in the field of writing. Brett shifted to writing almost immediately after the completion of a degree in Business Administration. He plans to share his skills through writing. Brett’s career choice seems to have been excellent as we are being blessed with some of the most informative articles on a constant basis.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *