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.

Current Credit Score – Reactions and Impacts

A majority of U.S. adults have a credit score ratings of 700-799 (27%) or 800 or more (20%).  Adults over age 35, those with higher household incomes and married adults are more likely to have credit scores 700 or more than their counterparts.  One in five U.S. adults (20%) are not sure what their current credit score is, and this is higher among young adults age 18-34 (33%) and those with household incomes below $50K (25%). When asked to describe their credit score, more than half of U.S. adults (56%) say it is “good”.  This description improves steadily with increasing household incomes and age.  Only one in ten (9%) U.S. adults describe their credit score as “bad” and 18% say their credit score is “fair”, and contrary to the “good” rating, the more negative ratings decline with age and higher income.

  • Among those who have a bad/fair credit score, the most common causes are indicated as collections (41%), income being too low to pay off their bills (40%) and owing too much on credit cards (35%).  
  • With regard to fixing/taking action on a bad/fair credit score, three in ten (30%) of those who have a bad/fair credit score are prevented from doing so because it is too expensive.  One quarter (25%) don’t fix/take action on their credit score because they don’t know where to start, and 16% have tried but got overwhelmed.  8% don’t care about fixing it, and another 4% don’t have time.  One quarter (26%) of those with a bad/fair credit score say there is nothing that prevents them from fixing/taking action on their credit score.

26% of U.S. adults say they are not able to purchase a “big ticket” item they would like, because of their credit score.  Being denied big ticket items because of a credit score decreases as age and/or household incomes increase.  Automobile (14%) and homes (14%) are the “big ticket” items most cited as not able to purchase due to credit score. Nearly two in ten (18%) U.S. adults say they have ever been denied a loan due to their credit score, and another 18% say they have had an error on their credit report.  One in ten (10%) have been approved for a high interest loan – while 9% have ever paid a collection only to see it still show up on their credit report and another 9% have ever filed for bankruptcy.

Fixing a Credit Score/Credit Repair & Credit Repair Services

More than one-third of U.S. adults (35%) say they agree that closing as many accounts as possible will improve their credit score, while 27% agree they do not know where to start to fix their credit score and another 27% agree the only way to fix their credit score is to have more income.  For all of these, young adults (age 18-34) and those with household incomes under $50K are more likely to agree. One in four U.S. adults (41%) is at least somewhat familiar with credit repair, and this appears to be generational with a majority of those who are at least somewhat familiar between age 35-44 (53%) or 45-54 (46%) compared to just 36% of those age 18-34 and 34% of those age 65+. Of those familiar with credit repair, eight in ten (80%) are at least somewhat familiar with the credit repair process (see detailed finding for specific actions believe to be part of the credit repair process). Of U.S. adults, 32% agree that credit repair services are ethical and another 32% agree they are credible, while 41% are not sure of either. Six in ten U.S. adults (63%) agree that using a credit repair service is not necessary and more than three quarters (78%) agree they are just another way for companies to make money. 

Lexington Law 

8% of U.S. adults are at least somewhat familiar of Lexington Law.

Credit Bureaus

Just under half of U.S. adults (47%) agree that credit bureaus protect consumer rights.  Women (51%) are more likely to agree with this than men (44%). One in four (39%) agree that it is impossible to get credit bureaus to help you resolve discrepancies.  Men (35%) agree with this more than women (29%). More than one-third of U.S. adults (36%) agree credit bureaus guarantee accuracy of credit reports.  And young adults age 18-34 (49%) agree with this more than those age 35+ (31%). 22% agree credit bureaus are non-profit organizations, while another two in ten (20%) believe all credit bureaus are government agencies. 18% of U.S. adults agree that credit bureaus only collect credit card information, with young adults age 18-34 (28%) and those with household incomes under $50K (23%) more likely to agree.

Detailed Findings – Concern With Financial Topics

 

Question: How concerned, if at all, are you with each of the following? Base= U.S. Adults (n=2,026)

Nearly two-thirds (63%) of U.S. adults say they are at least somewhat concerned about their current credit score.

  • Younger adults age 18-54 (70%) say they are at least somewhat concerned about their credit score more than older adults age 55-64 (56%) and those age 65+ (47%).
  • Two thirds (67%) of men say they are at least somewhat concerned about their current credit score compared to just less than six in ten (59%) women.
  • U.S. adults with a household income of less than $50K (72%) are most likely to say they are at least somewhat concerned about their current credit score compared to two-thirds (65%) of those with a household income $50K-$74.9K. Both are significantly higher than 52% of those with a household income of $75K or higher with the same concern.

Four in ten (41%) U.S. adults say they are very concerned/concerned about their current credit score.

  • Those age 35-44 (52%) are more likely to be very concerned/concerned about their credit score than adults age 45+ (36%).

Eight in ten (80%) U.S. adults say they are at least somewhat concerned about having good credit.

  • Younger adults age 18-34 (89%) are more likely to be at least somewhat concerned about having good credit than older adults age 35+ (77%).
  • Those with a household income of less than $50K (87%) are most likely to say they are at least somewhat concerned about having good credit compared to those with a household income $50K-$74.9K (81%), $75k-$99.9K (77%) and $100K+ (71%).

Six in ten (62%) U.S. adults say they are very concerned/concerned about having good credit.

  • Those age 18-34 (67%) are more likely to be very concerned/concerned about having good credit than adults age 45+ (58%).
  • Those with a household income of less than $50K (67%) are more likely to say they are very concerned/concerned about having good credit than those with a household income $50K-$74.9K (60%) and $100K or more (56%).

Almost seven in ten (68%) U.S. adults say they are at least somewhat concerned about not having credit card debt.

  • Those age 18-54 (77%) are more likely to be at least somewhat concerned about not having credit card debt than those age 55+ (57%).
  • Those with a household income of less than $50K (73%) and $50K-$74.9K (71%) are more likely to be at least somewhat concerned about not having credit card debt than those with a household income $100K or more (62%).

Just over half (53%) of U.S. adults say they are very concerned/concerned about not having credit card debt.

 

Detailed Findings – Familiarity With What Goes In Credit Score

 

Question: How familiar, if at all, are you with what information goes into your credit score? Base= U.S. Adults (n=2,026)

 

86% of U.S. adults say they are at least somewhat familiar with what goes into their credit score.

  • Adults age 35+ (89%) are more likely say they are somewhat familiar with what goes into their credit score than younger adults age 18-34 (77%).
  • Those with a household income of $75k-$99.9K (91%) are more likely to be at least somewhat familiar with what goes into their credit score than those with a household income less than $50k (83%).
  • Employed adults (89%) are more likely to be at least somewhat familiar with what goes in to their credit score than unemployed adults (81%).
  • Those who are married (91%) are more likely to say this than those who are not married (80%).

 

Four in ten U.S. adults (41%) are very/fairly familiar with what goes into their credit score.

  • Adults age 35-64 (45%) are more likely say they are very/fairly familiar with what goes into their credit score than younger adults age 18-34 (34%).
  • Those with household incomes of $50K+ (46%) are more likely to be very/fairly familiar with what goes into their credit score than those with household incomes less than $50k (35%).
  • Employed adults (44%) are more likely to be very/fairly familiar with what goes in to their credit score than unemployed adults (37%).
  • Those who are married (45%) are more likely to say this than those who are not married (35%).

 

17% of U.S. adults are very familiar with what goes into their credit score.

  • Adults age 35-44 (24%) are more likely say they are very familiar with what goes into their credit score than those age 18-34 (12%) and those age 45-64 (16%).
  • Those with household incomes of $50K+ (21%) are more likely to be very familiar with what goes into their credit score than those with household incomes less than $50k (12%).
  • Those who are married (19%) are more likely to say this than those who are not married (15%).

 

Nearly a quarter of U.S. adults (24%) are fairly familiar with what goes into their credit score.

  • Adults age 35-64 (27%) are more likely say they are fairly familiar with what goes into their credit score than older adults age 65+ (19%).

 

45% of U.S. adults are somewhat familiar with what goes into their credit score.

 

14% of U.S. adults are not at all familiar with what goes into their credit score.

  • Younger adults age 18-34 (23%) are more than twice as likely to say they are not at all familiar with what goes into their credit score than adults age 35+ (11%).
  • Those with household incomes less than $50k (17%) are more likely to be not at all familiar with what goes into their credit score than those with household incomes of $50k-$99.9K (9%).
  • Unemployed adults (19%) are more likely to be not at all familiar with what goes in to their credit score than employed adults (11%).
  • Those who are not married (20%) are more likely to say this than those who are married (9%).

 

Detailed Findings – What Goes Into How A Credit Score Is Calculated

 

Question: Which of the following, if any, goes into how a credit score is calculated? Base= U.S. Adults (n=2,026)

 

More than eight in ten U.S. adults (83%) say recent credit activity goes into how a credit score is calculated.

 

Just over three-quarters of U.S. adults (78%) believe the number of credit cards you have goes into how a credit score is calculated.

 

Another 78% of U.S. adults believe a credit score is calculated including how much credit you have.

 

77% of U.S. adults believe how much of your available credit you are using is included in the calculation for a credit score.

 

Three quarters of U.S. adults (75%) say billing history goes into how a credit score is calculated.

 

Nearly two in ten U.S. adults (18%) believe that online purchases are included in how a credit score is calculated.

 

Another 18% of U.S. adults say gender is included when a credit score is calculated.

 

One in ten (10%) U.S. adults believe race goes into the credit score calculation.

 

3% say other information goes into how a credit score is calculated.

 

Nearly one in ten (9%) were not at all sure what information goes into how a credit score is calculated.

 

Detailed Findings – Information That Appears On A Credit Report

 

Question: Which of the following information, if any, appears on a credit report? Base= U.S. Adults (n=2,026)

 

Nearly seven in ten U.S. adults (69%) say current address appears on a credit report.

 

More than half of U.S. adults (56%) say past addresses appear on a credit report.

 

Four in ten U.S. adults (41%) believe current job appear on a credit report.

 

37% of U.S. adults say last 30 days of purchases will appear on a credit report.

 

Current income level appears on a credit report according to 37% of U.S. adults.

 

About one-third of U.S. adults (34%) say that aliases will appear on a credit report.

 

2% say other information appears on a credit report.

 

Two in ten U.S. adults (21%) are not sure what information appears on a credit report.

 

Detailed Findings – Current Credit Score

 

Question: To the best of your knowledge, what is your current credit score? Base= U.S. Adults (n=2,026)

 

5% of U.S. adults say their current credit score is 500 or less.

  • Adults age 18-64 (6%) are more likely have a credit score of 500 or less than older adults age 65+ (1%).
  • Those with a household income under $50K (12%) are much more likely to say this than those with a household income of $50K or more (2%).
  • Those who are not married (8%) are more likely to have a credit score of 500 or less than those who are married (3%).

 

7% of U.S. adults say their current credit score is 501-599.

  • Adults age 18-64 (8%) are more likely to have a credit score of 501-599 than older adults age 65+ (2%).
  • Those with a household income under $50K (13%) are more likely to say this than those with a household income of $50K-$74.9K (6%) or $75K or more (2%).
  • Those who are not married (9%) are more likely to have a credit score of 501-599 than those who are married (5%).

 

16% of U.S. adults say their current credit score is 600-699.

  • Adults age 18-64 (18%) are more likely to have a credit score of 600-699 than older adults age 65+ (7%).
  • Those with a household income less than $75K (19%) are more likely to say this than those with a household income of $100K or more (12%).
  • Those who are not married (19%) are more likely to have a credit score of 600-699 than those who are married (14%).

 

More than one quarter (27%) of U.S. adults say their current credit score is 700-799.

  • Adults age 35-44 (28%) and age 55-64 (30%) are more likely to say their current credit score is 700-799 than younger adults age 18-34 (20%).
  • Women are more likely to report their credit score in this range than men (30% vs. 23%, respectively).
  • Those with a household income $50K+ (33%) are more likely to say this than those with a household income of less than $50K (19%).
  • Those who are married (31%) are more likely to have a credit score of 700-799 than those who are not married (21%).

 

One in five (20%) of U.S. adults say their current credit score is 800 or higher.

  • Adults age 65+ (39%) are significantly more likely than any age group to report their credit score at this level, and those age 18-34 (5%) are significantly less likely than any age group to report their credit score at this level, with those age 35-64 in the middle at 22%.
  • Those with a household income of $100K+ (37%) are the most likely to say this, while those with a household income of less than $50K (9%) are least likely to say this, and those with household incomes of $50K-$99.9K (22%) fall in the middle.
  • Those who are married (29%) are more likely to have a credit score of 800 or higher than those who are not married (10%).

 

One in five (20%) of U.S. adults say they are not sure what their current credit score is.

  • Two thirds of adults age 18-34 (33%) say they are not sure what their credit score is compared to only 16% of those age 35+.
  • Those with a household income of less than $50K (25%) are the more likely to say this than those with a household income of $50K+ (15%).

4% of U.S. adults decline to answer regarding their current credit score.

 

Detailed Findings – Current Credit Score

 

Question: Which of the following would you say best describes your current credit score? Base= U.S. Adults (n=2,026)

 

A majority (56%) of U.S. adults describe their credit score as good.

  • U.S. adults age 65+ (83%) are the most likely to describe their credit score as good, while those age 55-64 (67%) are more likely than those 35-54 (56%) to say their credit score is good; and all are more likely than those age 18-34 (31%) to describe their credit as good.
  • Women (59%) are more likely than men (53%) to say their credit score is good.
  • 71% of those with a household income of $50K+ describe their credit score as good, compared to only 36% of those with a household income of less than $50K.
  • Married adults (72%) are more likely to say their credit score is good than those who are not (38%).

 

18% of U.S. adults describe their credit score as fair.

  • Adults age 18-54 (25%) are more likely to say their credit score is fair, than adults age 55-64 (12%) and age 65+ (5%).
  • Those with a household income of less than $50K (26%), $50-$74.9K (22%) and $75K-$99.9K (17%) are more likely to describe their credit score as fair than those with a household income of $100K or more (7%).
  • Those who are not married (23%) are more likely than those who are married (14%) to describe their credit score as fair.
  • Employed adults (23%) are more likely to describe their credit score as fair than unemployed adults (13%).

 

Nearly one in ten (9%) of U.S. adults describe their credit score as bad.

  • U.S. adults age 18-64 (11%) are more likely to say their credit score is bad, than those age 65+ (2%).
  • Those with a household income of less than $50K (17%) are more likely to describe their credit score as bad than those with a household income of $50K+ (4%).
  • Those who are not married (13%) are more than twice as likely to describe their credit score as bad than those who are married (6%).

 

16% of U.S. adults do not know what their current credit score is.

  • Younger adults age 18-34 (31%) are more likely than older adults age 35+ (10%) to not know what their current credit score is.
  • Those with a household income of less than $50K (20%) are more likely to not know what their current credit score is than those with a household income of $50K+ (10%).
  • Those who are not married (26%) are more likely than those who are married (7%) to not know what their current credit score is.
  • Unemployed adults (23%) are more likely to than employed adults (11%) do not know what their current credit score is.

Detailed Findings – Causes For Having a Bad/Fair Credit Score

Question: You stated that your credit score is bad/fair. Which of the following, if any, is causing/has caused you to have a bad/fair credit score? Please select all that apply. Base= Credit Score Is Bad/Fair (n=586)

 

Of U.S. adults who describe their credit score as bad or fair…

  • Four in ten (41%) say their bad or fair credit score was caused by collections.
  • Another four in ten (40%) say their credit score is bad or fair because their income is/was too low to pay off their bills.
  • 35% say it is because they owe/owed too much on their credit cards.
  • More than a quarter (26%) attributes their bad or fair credit score to medical bills.
  • 17% say it was caused by student loans.
  • 14% say their credit score is bad or fair due to bankruptcy.
  • 8% say it is because of divorce.
  • 7% say it was caused by a short sale/foreclosure.
  • 4% say their bad or fair credit score was caused by identity theft.
  • 9% say some other reason caused their credit score to be bad or fair.
  • One in ten (10%) say they are not sure what caused their credit score to be bad/fair.

 

Detailed Findings – Reasons Preventing Fixing/Taking Action On Credit Score

 

Question: Which of the following, if any, are preventing you from fixing/taking action on your credit score? Please select all that apply. Base= Credit Score Is Bad/Fair (n=586)

 

Of U.S. adults who describe their credit score as bad or fair…

 

  • Three in ten (30%) say they are prevented from fixing/taking action on their credit score because it is too expensive to fix it. 
  • One quarter (25%) are prevented from fixing/taking action on their credit score because they don’t know where to start.
  • 16% say they have tried to fix/take action on their credit score, but got overwhelmed.
  • 8% don’t care about fixing it.
  • 4% say they are prevented from fixing/taking action on their credit score because they don’t have the time to fix it.
  • 12% say there is some other reason that is preventing them from fixing/taking action on their credit score. 
  • 26% say nothing is preventing them from fixing/taking action on their credit score

 

Detailed Findings – How To Fix A Credit Score

 

Question: How strongly do you agree or disagree with each of the following statements? Base= U.S. Adults (n=2,026)

 

More than one-third of U.S. adults (35%) agree that closing as many accounts as possible will improve their credit score.

  • Adults age 18-34 (39%) are more likely to agree with this than those age 35-54 (29%).
  • Those with a household income of less than $50K (39%) are more likely to agree with this than those with an income of $100K+ (28%).
  • Adults not married (39%) are more likely to agree that closing as many accounts as possible will improve their credit score than those who are married (31%).

 

Nearly three in ten (27%) U.S. adults agree they do not know where to start to fix their credit score.

 

  • Younger adults age 18-34 (40%) are more likely to agree with this than older adults age 35+ (23%).
  • Those with a household income of less than $50K (40%) are twice as likely to agree they do not know where to start to fix their credit score as those with an income of $50K+ (19%).
  • Adults not married (35%) are more likely to agree with this than those who are married (21%).

 

Nearly three in ten (27%) U.S. adults agree the only way to fix their credit score is to have more income.

 

  • Younger adults age 18-34 (41%) are more likely to agree with this than adults age 35-44 (31%), age45-64 (23%) and age 65+ (12%).
  • Men (30%) agree the only way to fix their credit score is to have more income more than women (25%).
  • Those with a household income less than $50K (44%) are more likely to agree with this than those with an income of $50K-99.9K (23%), and all are more likely to agree than those with a household income of $100K+ (9%).
  • Adults not married (35%) are more likely to agree that the only way to fix their credit score is to have more income than those who are married (21%).

 

15% of U.S. adults agree they don’t believe their credit score is that important.

 

  • Men (18%) agree they don’t believe their credit score is that important more than women (13%).
  • Those with a household income of less than $50K (19%) are more likely to agree they do not know where to start to fix their credit score than those with household incomes of $50K-$74.9K (13%) or $100K+ (11%).

 

Detailed Findings – “Big Ticket” Items Denied Purchase Because Of Credit

 

Question: Which of the following “big ticket” items, if any, would you like to purchase, but cannot, because of your credit score? Please select all that apply. Base= U.S. Adults (n=2,026)

 

One quarter (26%) of U.S. adults say they are not able to purchase a “big ticket” item they would like because of their credit score.

 

  • The frequency for those not able to purchase a “big ticket” item because of a credit score decreases with age, those age 18-34 (43%) and age 35-44 (36%) are more likely to say this than those age 45-54 (20%) and those age 55-64 (16%), and all say this more than those age 65+ (6%). 
  • Similarly with income, those having a household incomes of less than $50K (42%) say this most, compared to those with a household income of $50K-$74.9K (22%) and $75K-$99.9K (19%); and all are more likely to say this than those with a household income of $100K+ (12%).

 

The “big ticket” items denied because of credit score…

 

  • 14% of U.S. adults would like to purchase an automobile, but cannot because of their credit score.
  • Another 14% of U.S. adults would like to purchase a home, but cannot because of their credit score. 
  • 5% of U.S. adults would like to purchase furniture, but are not able to because to their credit score.
  • 5% of U.S. adults cannot purchase a TV because of their credit score.
  • 3% of U.S. adults would like to purchase an RV, but are not able to because of their credit score.
  • 2% of U.S. adults cannot purchase some other “big ticket” item because of their credit score.
  • Three quarters (74%) of U.S. adults say there is nothing they would like to purchase but cannot because of their credit score.

 

Detailed Findings – Credit Report/Score Issues

 

Question: Which of the following, if any, have ever happened to you? Please select all that apply. Base= U.S. Adults (n=2,026)

 

18% of U.S. adults have ever been denied for a loan due to credit score.

  • U.S. adults age 18-34 (19%), age 35-44 (28%), age 45-54 (23%) and age 55-64 (15%) are more likely to say this than those age 65+ (8%).
  • Men (21%) are more likely to have been denied for a loan due to a credit score than women (16%).
  • Those with a household income of less than $50K (27%) are more likely to have been denied for a loan due to credit score than those with a household income of $50K-$74.9K (17%), $75K-$99.9K (14%) and $100K+ (10%).
  • Adults not married (22%) are more likely to have experienced this than those who are married (15%).

 

18% of U.S. adults report having ever had an error on their credit report.

  • U.S. adults age 18-34 (9%) are less likely to say this than those age 35+ (22%).
  • Those with a household income of $100K+ (24%) are more likely to have had an error on their credit report than those with a household income of less than $50K (15%).

 

One in ten (10%) U.S. adults have ever been approved for a high interest rate loan due to a bad credit score.

  • U.S. adults age 18-34 (10%), age 35-44 (19%), age 45-54 (14%) and those age 55-64 (8%) are more likely to say this than those age 65+ (2%).
  • Men (12%) are more likely than women (9%) to have been approved for a high interest rate loan due to a bad credit score.
  • Adults with a household income of less than $75K (14%) are more likely to have been approved for a high interest rate loan due to a bad credit score than those with a household income of $100K+ (5%).
  • Adults not married (12%) are more likely to have experienced this than those who are married (9%).

 

9% of U.S. adults have ever paid a collection and it still shows up on their credit report.

  • U.S. adults age 18-54 (11%) are more likely to say this than those age 65+ (4%).
  • Adults with a household income of less than $100K (12%) are four times more likely to have paid a collection and it still shows up on their credit report than those with a household income of more than $100K (3%).
  • Adults not married (11%) are more likely to have experienced this than those who are married (7%).

 

9% of U.S. adults have filed for bankruptcy.

  • Older adults age 35-44 (8%), age 45-54 (16%), age 55-64 (10%) and those age 65+ (9%) are more likely to say this than those age 18-34 (3%).
  • Adults with a household income of less than $75K (11%) are twice as likely to have filed for bankruptcy as those with a household income of more than $100K (5%).

A majority of U.S. adults (63%) have experienced none of these.

 

Detailed Findings – Familiarity With Credit Repair

 

Question: How familiar, if at all, are you with credit repair? Base= U.S. Adults (n=2,026)

 

Four in ten U.S. adults (41%) are at least somewhat familiar with credit repair.

 

  • Adults age 35-44 (53%) and age 45-54 (46%) are more likely to be at least somewhat familiar with credit repair than both younger adults age 18-34 (36%) and older adults age 65+ (34%).
  • Employed adults (46%) are more likely to be at least somewhat familiar with credit repair than unemployed adults (34%).

 

15% of U.S. adults (15%) are very/fairly familiar with credit repair.

  • Adults age 35-44 (22%) are more likely say they are very/fairly familiar with credit repair than adults age 18-34 (13%), age 45-54 (16%) and adults age 65+ (12%).
  • Employed adults (17%) are more likely to be very/fairly familiar with credit repair than unemployed adults (13%).

 

17% of U.S. adults are very familiar with credit repair.

  • Adults age 35-44 (9%) are more likely say they are very familiar with credit repair than those age 18-34 (4%) and those age 45-64 (5%).
  • Employed adults (6%) are more likely to be very familiar with credit repair than unemployed adults (4%).

 

Nearly one tenth of U.S. adults (10%) are fairly familiar with credit repair.

 

26% of U.S. adults are somewhat familiar with credit repair.

  • Employed adults (30%) are more likely to be somewhat familiar with credit repair than unemployed adults (22%). 

 

59% of U.S. adults are not at all familiar with credit repair.

  • Younger adults age 18-34 (64%) and older adults age 65+ (66%) are more likely to say they are not at all familiar with credit repair than those in the middle at age 35-54 (51%).
  • Unemployed adults (66%) are more likely to be not at all familiar with credit repair than employed adults (54%).

 

Detailed Findings – Familiarity With The Credit Repair Process

 

Question: How familiar, if at all, are you with the credit repair process (i.e., fixing a bad credit report)? Base= At Least Somewhat Familiar With Credit Repair (n=814)

 

Of U.S. adults at least somewhat familiar with credit repair…

 

Eight in ten (80%) are at least somewhat familiar with the credit repair process.

  • Adults age 35-44 (91%) are more likely say they are at least somewhat familiar with the credit repair process than younger adults age 18-34 (77%) and older adults age 45+ (76%).

 

29% of U.S. adults are very/fairly familiar with the credit repair process.

 

10% of U.S. adults are very familiar with the credit repair process.

 

Nearly two in ten U.S. adults (19%) are fairly familiar with the credit repair process.

 

About half of U.S. (51%) adults are somewhat familiar with the credit repair process.

 

Two in ten (20%) are not at all familiar with the credit repair process.

  • Younger adults age 18-34 (23%) and older adults age 45+ (23%) are more likely to say they are not at all familiar with the credit repair process than adults age 35-44 (9%).

 

Detailed Findings – Activities That Are Part Of The Credit Repair Process

 

Question: Which of the following activities, if any, do you believe are part of the credit repair process (i.e., fixing a bad credit report)? Please select all that apply. Base= At Least Somewhat Familiar With Credit Repair (n=814)

 

Of U.S. adults at least somewhat familiar with the credit repair…

 

  • Three quarters (76%) believe the credit repair process includes working with creditors for removal of inaccurate or outdated information from a credit report. 
  • 74% believe the credit repair process includes reviewing a credit report for problems/inaccuracies. 
  • 72% believe the credit repair process includes removing inaccurate items on the credit report.
  • Seven in ten (70%) believe the credit repair process includes disputing inaccuracies from a credit report with credit bureaus.
  • Nearly two-thirds (64%) say the credit repair process includes working with Credit Bureaus (Transunion, Equifax, Experian).
  • 58% say they believe the credit repair process includes credit report monitoring.
  • More than half (53%) believe the credit repair process includes consolidating debts.
  • More than half (52%) believe the credit repair process includes working with collection agencies.
  • 4% say the credit repair process includes other activities.
  • 9% are not sure what the credit repair process includes.

 

Detailed Findings – Opinions Related To Credit Repair Services

 

Question: How strongly do you agree or disagree with each of the following statements about credit repair services? Base= U.S. Adults (n=2,026)

 

One-third of U.S. adults (32%) agree that credit repair services are ethical.

  • Adults age 18-54 (8%) are more likely to strongly agree with this than those age 65+ (2%).
  • Those with a household income of $50K-$74.9K (10%) are more likely to strongly agree with this than those with a household income of $75K+ (5%).

 

27% of U.S. adults disagree that credit repair services are ethical.

 

41% are not sure if credit repair services are ethical.

  

One-third of U.S. adults (32%) agree that credit repair services are credible.

  • Adults age 35-44 (36%) are more likely to agree with this than those age 65+ (31%).
  • Men are more likely to agree with this than women (35% vs. 29%, respectively).
  • Those with a household income of less than $75K (8%) are more likely to strongly agree with this than those with a household income of $75K+ (3%).

 

28% of U.S. adults disagree that credit repair services are credible.

 

41% are not sure if credit repair services are credible.

 

About two-thirds of U.S. adults (63%) agree that using a credit repair service is not necessary.

  • Adults age 35+ (25%) are more than twice as likely to strongly agree with this as those age 18-34 (12%).
  • Those with a household income of $50K+ (70%) are more likely to agree with this than those with a household income less than $50K (56%).
  • Married adults (67%) agree that using a credit repair service is not necessary more than those who are not married (59%).

 

37% of U.S. adults disagree that using a credit repair service is not necessary.

  

Eight in ten U.S. adults (78%) agree that credit repair services are just another way for companies to make money.

  • Older adults age 45-54 (82%) and age 65+ (83%) are much more likely to agree that credit repair services are just another way for companies to make money than younger adults age 18-34 (72%).
  • Those with a household income of $75K+ (83%) are more likely to agree with this than those with a household income of less than $75K (74%).

22% of U.S. adults disagree that credit repair services are just another way for companies to make money.

 

Detailed Findings – Knowledge About Credit Bureaus

 

Question: How strongly do you agree or disagree with each of the following? Base= U.S. Adults (n=2,026)

 

Nearly half of U.S. adults (47%) agree that credit bureaus protect consumer rights.

  • Women (51%) are more likely than men (44%) to agree with this statement.

 

53% of U.S. adults disagree that credit bureaus protect consumer rights.

  

One in four U.S. adults (39%) agree that it is impossible to get credit bureaus to help you resolve discrepancies.

  • Adults age 35-44 (37%) are more likely to agree with this than those age 65+ (34%).
  • Men are more likely to agree with this than women (35% vs. 29%, respectively).

 

61% of U.S. adults disagree that it is impossible to get credit bureaus to help you resolve discrepancies.

Just more than one-third of U.S. adults (36%) agree that credit bureaus guarantee the accuracy of credit reports.

  • Younger adults age 18-34 (49%) are more likely to agree with this than those age 35+ (31%).
  • Those with a household income of less than $50K (43%) are more likely to agree with this than those with a household income$75K+ (28%).
  • Not married adults (40%) agree that credit bureaus guarantee the accuracy of credit reports more than those who are married (32%).

 

64% of U.S. adults disagree that credit bureaus guarantee the accuracy of credit reports.

  

Two in ten U.S. adults (22%) agree that credit bureaus are non-profit organizations.

  • Younger adults age 18-34 (24%) and age 35-44 (30%) are more likely to agree with this than older adults age 55+ (16%).

 

78% of U.S. adults disagree that credit bureaus are non-profit organizations.

Two in ten U.S. adults (20%) agree that all credit bureaus are government agencies.

  • Adults age 18-34 (35%) are more likely than any other age group to agree with this.  Those age 35-44 are more likely than adults age 45-64 (14%), and all younger age groups are more likely than those age 65+ (7%) to agree with that all credit bureaus are government agencies.
  • Those with a household income of less than $50K (28%) are more likely to agree with this than those with a household income $50K+ (16%).
  • Not married adults (25%) agree that all credit bureaus are government agencies more than those who are married (16%).

 

80% of U.S. adults disagree that all credit bureaus are government agencies.

18% of U.S. adults agree that credit bureaus only collect credit card information.

  • Younger adults age 18-34 (28%) are more likely than older adults age 35+ (15%) to agree with this.
  • Those with a household income of less than $50K (23%) are more likely to agree with this than those with household incomes of $50K-$74.9K (15%) and $100K (12%).
  • Not married adults (23%) agree that credit bureaus only collect credit card information more than those who are married (14%).

 

82% of U.S. adults disagree that credit bureaus only collect credit card information.

 

Detailed Findings – Familiarity With Lexington Law

 

Question: How familiar are you with Lexington Law? Base= U.S. Adults (n=2,026)

 

8% of U.S. adults are at least somewhat aware of Lexington Law.

  • Younger adults age 18-44 (13%) are more likely to be at least somewhat aware of Lexington Law than those age 45+ (3%).
  • U.S. adults who are not married (11%) are more than twice as likely to be at least somewhat aware of Lexington Law than those who are married (5%).

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