Wednesday, June 20

Don't know what a credit score is?

I just read about a telephone poll that Bankrate conducted. They telephoned over 1000 adults 18 years old or older and asked them about their credit scores. This poll is part of 's program called 'Guide to Financial Literacy'

What they found is surprising to me. Especially after all the recent attention given to identity theft and the high cost of credit! Here is a link to the findings.

Of the adults polled, 32% of them have never checked their credit report. I suppose it isn't something that most people think about everyday, but you'd think that mere curiosity would motivate people to check at least once!

Its not surprising then to discover that 45% of these adults don't know what their credit score is, and many are confused about the difference between a credit report and a credit score! I guess then they wouldn't know much about getting a free credit report!

As Bankrate says, "not using the information could cost consumers a significant amount of money."

"Credit scores touch every aspect of a persons life", said Cheryl Allebrand, senior reporter at . "Whether or not you will pass an employment background check, how much you pay for car insurance, and the type of mortgage for which you qualify can all be affected by credit scores."

So, those are the the findings of the poll taken by Another obvious reason why we need financial literacy programs in our schools