Year: 2014

One in Two Americans Who Plan to Use Credit Cards Are Fearful About Credit Card Security This Holiday Season

New survey by The Harris Poll and Lexington Law reveals that nearly two thirds of consumers plan to use cash for holiday shopping.

Lexington-Law-One-in-Two-Americans-Who-Plan-to-Use-Credit-Cards-Are-Fearful-About-Credit-Card-Security-This-Holiday-Season

Salt Lake City, UT – November 20, 2014

More than half of American consumers are worried about credit card security, suggests a recent Lexington Law survey conducted online on their behalf by Harris Poll.

Lexington Law commissioned Harris Poll to survey more than 2,000 adults age 18 and older and ask specific questions about whether their credit cards have been breached, what types of payment forms they intend to use for holiday shopping, and their feelings regarding credit card security breaches in general.

While some blame credit card companies, most Americans (70 percent) believe that retail chains are at fault for credit card breaches. The survey also revealed that 65 percent of holiday shoppers say they have used or plan to use cash to pay for their purchases compared to 61% who plan to use credit cards this holiday season.

The study, conducted in late October, found that 51 percent of Americans who plan to use a credit card for their holiday shopping are fearful of being affected by security breaches. In addition, for one of every two people, the risk of identity theft due to a credit card breach outweighs the benefits and potential rewards of using a credit card to purchase gifts.

“After so many high-profile security breaches this past year, these kinds of consumer attitudes really aren’t a surprise,” said Randy Padawer, a consumer advocate for Lexington Law, the nation’s leading credit report repair provider. “What is surprising, and perhaps disconcerting for retailers, is just how many consumers say they prefer cash instead.”

Other interesting survey highlights:

arrow Read this post Leave a comment

Published Study: Two-Thirds of Holiday Shoppers Using Cash This Season

Half of Americans believe concerns over credit card fraud or security breaches outweigh the rewards they could receive by using a credit card for holiday shopping.

The following information provides insights into Americans’ attitudes and opinions about credit card breaches and holiday spending.

Key Findings

Two-in-five Americans who have credit cards have had them compromised in at some point; one-in-five have had this happen in a store, one-in-six had this happen online.

Nearly one-quarter of Americans whose credit cards have been compromised say they use them less online because of that; One-in-ten say use credit cards less in-store as a result.

Nearly two-thirds of holiday shoppers will be using/have used cash for holiday spending, however nearly as many will/have used credit cards (six-in-ten holiday shoppers). Half will/have used debit cards and over one-third will/have used online payments for holiday spending.

Half of the holiday shoppers who have/plan to use credit cards confess to being fearful about being affected by credit card security breaches when trying to deck their halls this season.

Over two-thirds of holiday shoppers who have credit cards say something would stand in the way of their using credit cards for shopping this holiday season; a preference for paying with cash or a debit card is most popular (nearly two-thirds say this) however right behind is the risk of identity theft due to a credit card breach, with nearly three-in-ten American credit card holders expressing this. Risking going into do debt and being in too much debt already (either credit card or other types of debt) round out the reasons holiday shoppers who have credit cards might not pull out that plastic this holiday season.

Good news for credit card companies/banks, as a majority of American credit card owners have confidence in these financial institutions when it comes to protecting them from a security breach. A majority of Americans also agree that a security breach could affect their credit score. Seven-in-ten Americans blame credit card breaches on retail chains, while nearly six-in-ten place the fault with credit card companies. Half of Americans feel that concerns over credit card fraud/security breaches outweigh the rewards they could receive by using a credit card for holiday shopping.

arrow Read this post Leave a comment

Lexington Law Scholarship Program

Lexington Law, the trusted leader in helping people repair their credit reports, understands the importance of financial planning and maintaining a great credit score, especially for college students. For this reason, the company is pleased to offer the “Lexington Law Scholarship Award” fund.

Affording college can be a challenge. With the increasing costs of tuition, books, housing, utilities, food, etc., students need all the help they can get. Sometimes that means taking out a loan or using a credit card to cover costs. Taking on debt may be unavoidable to complete an education, but students can learn to avoid harming their credit scores in the process.

Lexington Law is offering this scholarship to students in the United States who write an essay about how they repaired or established their good credit. Lexington Law believes it is never too early to start thinking about your credit score and your credit report.

How to Apply-

Eligible students will:

  • Write an essay of no fewer than 800 words about how you repaired or established your good credit. Competitive candidates will describe and demonstrate knowledge of credit scores and clearly state examples of how they affectively fixed or established their good credit.
  • Research and cite two pieces of content that supports your essay.  An example of a reputable cited page would be here.
  • Publish your essay either in Word format as an attachment to an email to scholarship@lexingtonlaw.com, or anywhere on the Internet, i.e. your personal blog, YouTube, or any other online publishing platform.
  • YouTube submissions are encouraged, although not required.  Video should be no longer than 4 minutes.  (Essays submitted via YouTube must also be submitted in writing.)
  • Email a content contribution agreement, along with your full contact information and the link to access your essay to scholarship@lexingtonlaw.com.

arrow Read this post Leave a comment

Woman to Credit Bureaus: I’m Not Dead!

 Lexington Law Spotlights Corporate Responses to Credit Report Errors

SALT LAKE CITY, UT – (PR Web) August 4, 2014 — Lexington Law, the nation’s leading credit repair provider, responded this week to press reports detailing the experiences of consumers who have been mistakenly listed as deceased within their credit reports.

“One might think that these are just funny stories about problems that are easily corrected,” said Dr. Randy Padawer, a consumer advocate with Lexington Law. “Unfortunately, though, when consumers complain that something reported about them is false, they are almost always disbelieved.

“The implications can impact great numbers of Americans whose real grievances are so often met with raised eyebrows and doubt,” Padawer added.

arrow Read this post Leave a comment

Poll Uncovers Financial Dishonesty in Committed Relationships

A recent Harris poll, sponsored by Lexington Law, reveals significant dishonesty when it comes to financial disclosure within relationships.

SALT LAKE CITY, UT – (PR Web) June 16, 2014 – A recent Lexington Law survey, conducted on their behalf by Harris Poll, has provided some insight into American attitudes toward honesty and disclosure when it comes to sharing financial information with their romantic partners. The study, held in late May, polled over 2,000 American adults, ages 18 and older. Dating, engaged and married Americans answered questions about when to reveal financial information — and even when to lie about it.

arrow Read this post Leave a comment

Published Study: New Harris Poll Reveals American Opinions on Money and Finance in Relationships

The following information provides insights into Americans’ views and personal experience on truthfulness in finances, dating and sharing financial information and other financial related items with regard to romantic partners. You will find overall key findings followed by the detailed findings per question afterwards.

Key Findings 

Survey results show that 29% of Americans say they have ever lied to a romantic partner about their financial situation/would consider lying about it. 71% have never done so/would never consider doing this. Of those who have done so, or would consider doing so, results varied and include saying it wasn’t serious enough of a financial problem to tell (32%) or because the relationship wasn’t that serious (24%).

When it comes to handling financial situations, 70% of Americans say they believe you should always talk to your partner openly about financial issues. However, men are likely to choose money over love as men are more likely than women to believe it’s okay for an individual to date someone for their money (12% vs. 7%, respectively) and actually date someone for their money (13% vs. 8%, respectively).

Roughly a third (36%) of Americans say people should share information about their finances within the first 5 months of dating, while the majority (56%) thinks someone can have debt of up to $5,000 before they should tell their partner.

arrow Read this post Leave a comment

Report Shows Credit Scores Still a Mystery to Many Consumers

Survey sponsored by Lexington Law finds the American public lacks knowledge about what goes into their credit scores.  Lexington Law educates consumers in latest video series.

SALT LAKE CITY, UT – (PR Web) May 28, 2014 – Lexington Law, the nation’s leading credit repair service provider, recently sponsored a study that suggests American consumers do not understand their credit scores very well. The survey was conducted by Harris Poll on behalf of Lexington Law in April 2014 among more than 2,000 American adults ages 18 and older, and asked specific questions related to general familiarity with credit scoring, the factors and information that influence credit scores, and specific issues that impact how such scores are calculated.

“It turns out that the American public is even less informed regarding credit scores than we previously thought,” said Dr. Randy Padawer, a psychologist and consumer advocate with Lexington Law. “If these scores didn’t impact their lives in so many ways, from buying cars and homes to qualifying for employment and insurance, then perhaps our survey findings wouldn’t be so alarming.

arrow Read this post Leave a comment

Published Study: U.S. Consumer Attitudes on Credit Scores and Credit Repair

Below appears the executive summary for the Lexington Law Credit Score study, conducted by Harris Poll® via its QuickQuerySM online omnibus from April 25-29, 2014. You will find overall key findings followed by the detailed findings per question afterwards. Lexington Law, is interested in understanding consumer attitudes around credit scores and credit repair among the U.S. adult population. Specifically:

  • Level of concern over current credit score
  • Familiarity with what goes into a credit score/how it is calculated/information appearing on credit report
  • Current credit score and is it considered good, fair, poor
  • Cause(s) for bad/fair credit score
  • Reason(s) to prevent fixing/taking action on bad/fair credit score
  • Knowledge related to fixing a credit score
  • “Big ticket” items not purchased because of credit score
  • Familiarity with credit repair/credit repair process
  • Opinions related to credit repair services
  • Knowledge of credit bureaus

Key Findings

Concern & Familiarity with Credit Score/Report

Two-thirds (63%) of U.S. adults are at least somewhat concerned about their current credit score and eight in ten (80%) are concerned about having good credit.  Concern relating to credit scores and having good credit is higher among younger adults and those with lower household incomes. A majority of U.S. adults (86%) are at least somewhat familiar with information that goes into a credit score.  Familiarity with what goes into a credit score is higher among older adults and those with higher household incomes.  Therefore, perhaps it’s not surprising that concern about credit scores is higher, when familiarity with information that goes into them is lower, among younger adults and those with lower household incomes. When asked what goes into how a credit score is calculated, recent credit activity (83%), the number of credit cards they have (78%), how much credit they have (78%), how much of their available credit they are using (77%) and their billing history (75%) are the top responses among U.S. adults.  Nearly seven in ten (69%) say current address, and more than half (56%) say past address, when asked which information appears on a credit report.  About four in ten (41%) believe current job, last 30 day purchases (37%) and current income level (37%) are on the credit report, and one third (34%) say so for aliases.

arrow Read this post Leave a comment

Men More Willing to Incur Debt for Dream Weddings Than Women

A new survey regarding wedding debt, conducted by Harris Poll on behalf of Lexington Law, finds that men are more willing than women to incur debt when paying for dream weddings.

SALT LAKE CITY, UT – (PR Web) May 7, 2014 — Lexington Law, the nation’s leading credit repair provider, has announced several findings regarding American views on wedding debts and expenses. The study was conducted online by Harris Poll for Lexington Law between April 21 and 24 among 2,039 adults ages 18 and older.

Although only 4% of American adults said they would or did go into debt to pay for their “dream wedding,” the gender balance tipped toward men: While 3% of women either did or would go into debt for this purpose, almost twice that number of men (5%) stated that they would or did do so.

“This finding will likely surprise many,” said John Heath, Directing Attorney for Lexington Law. “Women are too often stereotyped as caring more about style and overall impression than hard logistics like cost. Our survey’s findings refuted that notion.”

arrow Read this post Leave a comment

Published Study: American Views and Personal Experiences On Wedding-Related Debts

Below appears the executive summary for the Credit Report study, conducted by Harris Poll® via its QuickQuerySM online omnibus from March 11-13, 2014. You will find overall key findings followed by the detailed findings per question afterwards.

Key Findings

Survey results show that 73% of Americans currently have any kind of debt. The most common type of debt is credit card (45%), followed by mortgage (35%) and medical bills (18%). Though a vast majority says they have debt, 64% still manage to pay their bills in full every month.

There is a slight disconnect in what they want vs. what they are experiencing in reality. 91% of Americans say they would rather enter a new marriage debt free than have a dream wedding. 34% say they would rather save or did save the money it would cost or did cost to pay for their dream wedding than splurge on it. Just 4% say they would go or went into debt to pay for their dream wedding, and 1% admit they would be or were willing to ruin their credit (e.g., pay bills late, default on loans, file bankruptcy) to pay for their dream wedding. According to the survey data, Americans are willing to pay an average amount of $7,600 for their dream wedding.

When it comes to paying for a wedding, 32% of Americans say they’ve tapped into alternative options to come up with the cash. Using a credit card is the top response at 17%, followed by taking or took on a second job (12%) and just good old fashioned borrowing money from parents (11%). 

arrow Read this post Leave a comment