Study: Americans have serious credit rating misconceptions - ForumDaily
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Study: Americans have serious credit rating misconceptions

Although Americans know that credit rating is extremely important for their financial life, most do not seem to know how and from what it is formed. Writes about it Fox Business.

Photo: Shutterstock

According to a new study from CompareCards, 62% of Americans did not know that the main factor determining their credit rating is the payment history. Millennials and representatives of generation X have more misconceptions about the components of a credit rating, compared with older respondents.

There are a number of indicators that are taken into account when calculating a credit rating, and for each person, the importance (share) of each category will vary depending on the length of the credit history.

Other indicators that affect non-credit ratings, in addition to the payment history, include the length of the credit history, credit structure and new loans.

Many Americans have other misconceptions regarding their credit scores. For example, more than 40% of people mistakenly believe that checking the credit rating too often can harm it.

At the same time, about 20% of respondents said they were ready to stop buying alcohol for the rest of their lives, if this would mean receiving 800 credit rating points forever.

On the subject: 7 unexpected mistakes that can lower your credit rating

According to Experian, the average credit rating of Americans in the second quarter of 2019 was 703, although this indicator varies significantly depending on age.

Americans ages 20 to 29 had the lowest average score at 662, while people age 60 and older had 749. The state with the highest average credit score (733) in the second quarter of 2019 was Minnesota.

The average credit rating for 2018 was 704 points.

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