NEW YORK—A new report reveals many consumers’ perceptions of their credit scores is not accurate.
A study by Pymnts.com in July found 70% of surveyed consumers believe their credit scores are “above average,” while just 45% actually have scores over 751, the above-average mark according to national credit reporting data.
The study, the Credit Score Literacy and Building Credit Report, quickly identifies credit’s pressing perception problem, Pymnts.com said.
“Despite this, researchers also found widespread consumer support for efforts to improve credit scores and credit worthiness, stating 62% of consumers want to raise their scores, including a 41% share who say they are very or extremely interested in doing so, and another 29% who are very or extremely concerned about their credit scores,” Pymnts.com explained.