New research from credit management company Lowell has found that half of consumers have never checked their credit score.
Thre research also found that one-third of consumers (32%) don’t know how to check their credit score, leaving them open to possible identity fraud and a lack of financial awareness whilst many consumers are unsure what affects your credit score, thinking that your income (21%), job title (21%), and borrowing from friends and family (6%) makes a difference
Over one in ten people (12%) don’t think anything they do affects their credit score, and nearly half (45%) don’t think missed payments affect their credit score
Checking your credit score is one of the best ways to better understand your financial health. It can help steer you in the right direction when it comes to managing your finances, and help you become more aware of possible identity fraud. However, new research* has found that half of the UK public (49%) have never checked their credit score.
Commenting on the findings, John Pears, UK CEO of Lowell, said “Looking after our financial health is a really important life-skill, this survey reveals just how critical it is for people to have access to the right tools and resources from an early age, helping them to be in control of their finances.”
“Your credit score is one of these key tools, it has a huge potential to impact a variety of important life events, such as buying your first house or financing a car – so it’s vital that people know and understand their score, what it says about them and importantly the steps they can take to help improve it.”