Q44: Which of the following describes a credit score?

Demographic and experience categories Measures your knowledge of consumer credit Predicts the likelihood that you will repay a loan Measures your total wealth Do not know
All respondents 5.9 ( 0.6) 70.0 ( 1.3) 3.4 ( 0.5) 20.7 ( 1.1)
AGE GROUP        
18 to 24 9.0 ( 2.3) 54.8 ( 5.1) 10.1 ( 2.9) 26.1 ( 4.5)
25 to 34 5.4 ( 1.3) 73.8 ( 2.8) 1.3 ( 0.6) 19.5 ( 2.5)
35 to 44 5.0 ( 1.3) 80.0 ( 2.5) 3.1 ( 1.1) 11.9 ( 1.9)
45 to 54 5.1 ( 1.4) 76.8 ( 2.6) 2.7 ( 1.0) 15.4 ( 2.1)
55 to 64 7.3 ( 1.9) 74.4 ( 3.1) 3.5 ( 1.3) 14.8 ( 2.3)
65 and older 5.5 ( 1.4) 60.2 ( 3.1) 1.8 ( 0.8) 32.6 ( 2.9)
INCOME        
Less than $25000 8.6 ( 1.3) 49.3 ( 2.3) 5.4 ( 1.2) 36.7 ( 2.2)
$25000 to $49999 5.6 ( 1.2) 71.1 ( 2.6) 3.3 ( 1.0) 20.0 ( 2.3)
$50000 to $74999 5.2 ( 1.4) 80.7 ( 2.7) 3.5 ( 1.3) 10.6 ( 2.1)
$75000+ 4.2 ( 1.2) 88.4 ( 2.3) 1.7 ( 0.9) 5.6 ( 1.8)
EDUCATION        
Less than high school 7.3 ( 1.6) 30.9 ( 3.5) 6.7 ( 2.1) 55.2 ( 3.7)
High school 8.3 ( 1.3) 57.5 ( 2.5) 5.2 ( 1.2) 29.0 ( 2.2)
Some post-secondary education 6.1 ( 1.2) 78.6 ( 2.2) 2.5 ( 0.8) 12.7 ( 1.9)
BA or more 2.8 ( 0.8) 87.6 ( 1.6) 1.4 ( 0.5) 8.2 ( 1.4)
ETHNICITY        
White 3.9 ( 0.7) 78.4 ( 1.5) 2.0 ( 0.5) 15.7 ( 1.3)
Black 8.1 ( 1.6) 59.2 ( 3.0) 6.9 ( 1.7) 25.8 ( 2.6)
Hispanic 14.1 ( 2.1) 38.7 ( 3.1) 6.7 ( 1.8) 40.5 ( 3.0)
Other 4.7 ( 2.7) 67.3 ( 5.9) 5.8 ( 3.0) 22.2 ( 5.1)
SEX        
Male 4.5 ( 0.8) 76.2 ( 1.9) 3.5 ( 0.8) 15.9 ( 1.7)
Female 7.2 ( 0.9) 64.6 ( 1.6) 3.4 ( 0.6) 24.8 ( 1.4)
EMPLOYMENT STATUS        
Actively employed (FT or PT) 5.4 ( 0.8) 76.9 ( 1.6) 3.6 ( 0.7) 14.2 ( 1.3)
Student 10.9 ( 4.1) 69.5 ( 7.0) 5.5 ( 3.4) 14.1 ( 4.9)
Not employed (homemaker, retired, unemployed) 6.5 ( 1.1) 57.8 ( 2.3) 3.5 ( 0.8) 32.2 ( 2.1)
Other 4.4 ( 2.2) 62.2 ( 6.3) 0.0 ( 0.0) 33.4 ( 6.2)
GEOGRAPHIC RESIDENCE        
Resident of a free report state (CO, GA, ME, MD, MA, NJ, VT) 5.2 ( 1.2) 73.9 ( 2.6) 2.4 ( 1.1) 18.4 ( 2.2)
Resident of another state 6.0 ( 0.7) 69.4 ( 1.4) 3.6 ( 0.6) 21.0 ( 1.2)
FINANCIAL AND CREDIT REPORT EXPERIENCE        
Obtained a credit report 5.4 ( 0.8) 79.8 ( 1.4) 2.5 ( 0.5) 12.3 ( 1.1)
Did not obtain a credit report 6.5 ( 1.0) 56.6 ( 2.2) 4.7 ( 0.9) 32.1 ( 2.0)
         
Obtained credit score 4.5 ( 0.9) 85.6 ( 1.6) 2.0 ( 0.6) 7.9 ( 1.2)
Did not obtain credit score 6.6 ( 0.8) 62.4 ( 1.7) 4.1 ( 0.7) 27.0 ( 1.5)
         
Disputed information on credit report 5.1 ( 1.3) 83.9 ( 2.2) 1.7 ( 0.8) 9.3 ( 1.8)
Did not dispute credit report information 6.0 ( 0.7) 66.9 ( 1.5) 3.8 ( 0.6) 23.2 ( 1.3)
         
Had an auto or mortgage loan 4.9 ( 0.6) 76.2 ( 1.3) 2.6 ( 0.5) 16.2 ( 1.2)
Did not have an auto or mortgage loan 9.1 ( 1.5) 49.1 ( 3.0) 6.1 ( 1.3) 35.8 ( 2.7)
         
Was a victim of identity theft 6.6 ( 1.9) 69.5 ( 4.0) 6.3 ( 2.4) 17.6 ( 3.2)
Was not a victim of identity theft 5.8 ( 0.6) 70.0 ( 1.3) 3.1 ( 0.5) 21.0 ( 1.2)
         
Obtained credit report due to an adverse action 6.9 ( 2.1) 78.3 ( 3.6) 1.8 ( 1.2) 13.0 ( 2.7)
Did not obtain credit report due to an adverse action 5.8 ( 0.6) 69.3 ( 1.3) 3.6 ( 0.5) 21.4 ( 1.2)

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