More credit card providers, banks and websites provide a consumer’s credit score at no charge on a weekly or monthly basis.
And that has increased the percentage of U.S. consumers who keep track of their credit scores, which is vital data for anyone seeking a personal loan, car loan, mortgage or even a job. According to a new survey from Chase Slate, three-quarters of Americans (77%) know their current credit score, an increase of 15% from 2017.
Chase Slate conducts the annual survey to assess Americans’ credit knowledge and how they feel about it.
Here are more findings from Chase Slate’s survey:
- With the increase in credit score awareness, six in 10 Americans (59%) would like to be able to improve their credit score over the next year and nearly half (48%) have a plan in place to improve it.
- More than half of American parents (56%) have talked about money with their children.
- Among Americans, Millennials are significantly more likely than other generations to say their parents talked to them about money (Millennials: 58%; Gen X: 33%; Boomers 45%).
- Eight in 10 parents (83%) agree it is never too early to teach your children about how to manage money. Of parents who had these conversations with their kids, 31% say having recommendations / advice on how to talk about credit with their kids would have been helpful.