A recent survey, conducted by FreeScore.com, revealed that only 70 percent of Americans polled were able to properly define a credit score, a figure that has dipped 10 percent since January.
Director of Consumer Education for FreeScore.com, Carrie Coghill, said to be “financially literate” it’s important to understand the underpinnings of your credit score.
“Staying aware of your credit scores is important if you want to make a major purchase,” she said. “There are often discrepancies in credit scores and credit reports that can take time to remedy.”
In a similar poll conducted earlier this year by Harris Interactive, researchers found a notable gap in credit score awareness between men and women. That poll found 74 percent men knew their credit scores, while only 65 percent of women knew their own.
The Freescore.com poll surveyed 1,000 adults in separate polls conducted in January, March and July, and while the figures are down from January’s numbers, they rose slightly from a yearly low in March.