Q43: What is a credit score?

Demographic and experience categories No knowledge Knowledge unclear Appears knowledgable
All respondents 31.6 ( 1.3) 53.5 ( 1.4) 14.9 ( 1.0)
AGE GROUP      
18 to 24 35.6 ( 4.8) 58.6 ( 5.0) 5.8 ( 2.0)
25 to 34 29.1 ( 3.1) 55.8 ( 3.5) 15.1 ( 2.7)
35 to 44 21.4 ( 2.6) 63.4 ( 3.2) 15.2 ( 2.5)
45 to 54 26.3 ( 2.8) 51.5 ( 3.3) 22.2 ( 2.8)
55 to 64 27.0 ( 3.1) 54.7 ( 3.7) 18.3 ( 3.0)
65 and older 50.3 ( 3.3) 39.5 ( 3.2) 10.2 ( 2.2)
INCOME      
Less than $25000 50.4 ( 2.3) 42.1 ( 2.3) 7.5 ( 1.2)
$25000 to $49999 30.2 ( 2.8) 58.5 ( 3.0) 11.4 ( 1.9)
$50000 to $74999 24.5 ( 3.0) 60.1 ( 3.5) 15.3 ( 2.6)
$75000+ 14.2 ( 2.3) 58.9 ( 3.3) 26.9 ( 3.0)
EDUCATION      
Less than high school 70.7 ( 3.4) 27.7 ( 3.3) 1.6 ( 0.8)
High school 40.6 ( 2.5) 53.2 ( 2.5) 6.2 ( 1.1)
Some post-secondary education 23.5 ( 2.3) 62.1 ( 2.7) 14.4 ( 1.9)
BA or more 16.8 ( 2.1) 54.7 ( 2.8) 28.6 ( 2.5)
ETHNICITY      
White 25.4 ( 1.6) 57.4 ( 1.9) 17.2 ( 1.4)
Black 37.7 ( 3.0) 47.4 ( 3.0) 14.8 ( 2.1)
Hispanic 53.6 ( 3.1) 40.5 ( 3.1) 5.9 ( 1.4)
Other 40.8 ( 6.2) 50.6 ( 6.4) 8.6 ( 3.7)
SEX      
Male 26.9 ( 2.0) 55.0 ( 2.3) 18.1 ( 1.8)
Female 35.8 ( 1.7) 52.2 ( 1.8) 12.0 ( 1.2)
EMPLOYMENT STATUS      
Actively employed (FT or PT) 24.9 ( 1.6) 57.6 ( 1.9) 17.6 ( 1.5)
Student 30.4 ( 7.3) 59.0 ( 8.0) 10.6 ( 4.3)
Not employed (homemaker, retired, unemployed) 43.7 ( 2.3) 46.4 ( 2.4) 9.9 ( 1.5)
Other 37.4 ( 6.3) 44.8 ( 6.4) 17.8 ( 5.2)
GEOGRAPHIC RESIDENCE      
Resident of a free report state (CO, GA, ME, MD, MA, NJ, VT) 29.1 ( 2.7) 52.7 ( 3.1) 18.2 ( 2.4)
Resident of another state 31.9 ( 1.4) 53.6 ( 1.6) 14.4 ( 1.2)
FINANCIAL AND CREDIT REPORT EXPERIENCE      
Obtained a credit report 22.4 ( 1.5) 57.1 ( 1.9) 20.5 ( 1.6)
Did not obtain a credit report 44.2 ( 2.2) 48.5 ( 2.2) 7.3 ( 1.2)
       
Obtained credit score 12.5 ( 1.6) 62.2 ( 2.5) 25.3 ( 2.3)
Did not obtain credit score 40.9 ( 1.7) 49.3 ( 1.8) 9.8 ( 1.1)
       
Disputed information on credit report 19.3 ( 2.6) 57.1 ( 3.3) 23.6 ( 2.9)
Did not dispute credit report information 34.3 ( 1.5) 52.7 ( 1.6) 13.0 ( 1.1)
       
Had an auto or mortgage loan 25.7 ( 1.4) 56.8 ( 1.6) 17.5 ( 1.3)
Did not have an auto or mortgage loan 51.3 ( 3.0) 42.4 ( 3.0) 6.3 ( 1.4)
       
Was a victim of identity theft 29.9 ( 3.9) 54.2 ( 4.3) 16.0 ( 3.3)
Was not a victim of identity theft 31.8 ( 1.4) 53.4 ( 1.5) 14.8 ( 1.1)
       
Obtained credit report due to an adverse action 22.4 ( 3.8) 64.0 ( 4.7) 13.6 ( 3.5)
Did not obtain credit report due to an adverse action 32.4 ( 1.4) 52.5 ( 1.5) 15.0 ( 1.1)

Percent estimates totaling 100% within each demographic and experience category, with standard errors in parentheses
 
GAO-05-411SP Credit Reporting Literacy Survey Data
Full Report: GAO-05-223