Few Americans Improve Their Credit Before Auto Loans

SALT LAKE CITY, Utah. – July 8, 2013 – Lexington Law, the nation’s leading provider of consumer credit repair services, today released the results of its recent survey that examined how consumers prepare their finances before they make large purchases, like a car. The survey found that 71 percent of respondents said they do not try to improve their credit score and 66 percent do not even look at their credit before making a large purchase. The results also revealed that 24 percent do not believe that their credit score is a factor in determining the interest rate they might pay on a loan.  Finally, 40 percent of Americans do not check their credit score at all.

“The survey results show that a majority of Americans might be setting themselves up for financial trouble,” said Randy Padawer, vice president of credit repair services at Lexington Law. “Credit reports can often contain errors or misleading information and consumers need to understand they have the right to a fair and substantiated report. You never want to be surprised by bad credit, especially when you’re applying for a loan.”

 

Other key findings include:

 

  • Only 22 percent of consumers check their credit everyone to four months
  • 18 percent of Americans plan to make a large purchase of some kind this year
  • More than half (57%) of 18-24 year olds have never checked their credit
  • 22 percent of 18-24 year olds plan to buy a car in the next two months

 

Methodology

The data was collected through a national Google Consumer Survey of more than 1,700 adult Internet users.

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