August 08, 2016 10:00 ET
TransUnion: People Who Frequently Analysis Their Acclaim Account Confuse Acclaim Basics
CHICAGO, IL–(Marketwired – August 08, 2016) – A majority of consumers are abashed about basal acclaim account components, alike if they consistently analysis their score. The allegation from the additional anniversary TransUnion (NYSE: TRU) analysis begin that added than bisected of consumers who arrested their account in the accomplished 30 canicule falsely articular bacon (58 percent), application history (56 percent), and age (52 percent) as factors included in a acclaim score.
Those who consistently arrested their acclaim additionally inaccurately believed that bacon raises (54 percent) or abacus to their claimed accumulation (33 percent) is reflected in their scores. Neither of these banking measures is appear to acclaim bureaus.
Consumer delusion about what factors comprise a acclaim account has added hardly over the accomplished year. In 2015, abandoned 47 percent of consumers who consistently arrested their acclaim account believed a college bacon would agree to a convalescent acclaim score, which added seven allotment credibility to 54 percent in 2016.
“Checking your acclaim account is an important basic of banking responsibility, but consumers should do more,” said John Danaher, President of TransUnion® Consumer Interactive. “Our analysis shows that alike those who adviser their acclaim are abandoned bribery the apparent of their acclaim address and generally don’t accept the factors that comprise their acclaim score.”
The analysis additionally articular generational divides in acclaim knowledge, decidedly about the aberration amid adamantine and bendable acclaim inquiries. While 70 percent of millennials (ages 18-34) arrested their acclaim address in the accomplished year, 30 percent inaccurately said it had a abrogating aftereffect on their score. In contrast, abandoned 21 percent of Gen X respondents and 15 percent of babyish boomers authority this apocryphal notion.
TransUnion is committed to demystifying acclaim array for consumers and is allowance deflate the afterward myths:
Myth #1: I abandoned charge to analysis my acclaim score, not my abounding report, to accept my banking health.Fact: Your account is an important indicator of banking health, but it is not sufficient. Checking the cardinal abandoned is agnate to accepting a brand from a distinct chic and not the abounding address card. Your acclaim address provides absolute advice to advice you accept how acclaim works and what behaviors affect your score. Bigger compassionate of your acclaim allows you to booty specific, alive accomplish against greater banking health.
Myth #2: It’s ok if I pay my acclaim agenda bill late, as continued as I pay it eventually.Fact: A key basic of a acclaim account is your acquittal history. Paying bills on time and in abounding anniversary ages will accept a absolute appulse on your score. Backward bill payments can break on your address for up to seven years.
Myth #3: Checking my own acclaim address will lower my acclaim score.Fact: Checking your own account is a “soft inquiry” that will not change your score. However, back a lender or creditor pulls your acclaim it’s advised a “hard inquiry” and may hardly lower your score.
Myth #4: My acclaim account reflects my bacon level.Fact: Bacon is not a absolute contributor of your acclaim account but it’s important to bethink that some lenders will appraise your bacon afore arising a loan. Regardless of your bacon level, it’s important to use acclaim albatross and pay all bills in abounding and on time.
Myth #5: I can use a debit agenda to body credit.Fact: While a debit agenda can be a accessible apparatus to ensure you abandoned absorb aural your banking means, it doesn’t authenticate to lenders you can handle credit, and accordingly doesn’t calculation appear your acclaim score.
For added information, appointment TransUnion’s website.
About the SurveyThe online analysis includes responses from 1,615 U.S. consumers age 18 and older. The analysis was conducted amid June 21, 2016 and June 26, 2016.
About TransUnion (NYSE: TRU) Advice is a able thing. At TransUnion, we apprehend that. We are committed to award avant-garde means advice can be acclimated to advice individuals accomplish bigger and smarter decisions. We advice bare different stories, trends and insights abaft anniversary abstracts point, application actual advice as able-bodied as another abstracts sources. This allows a array of markets and businesses to bigger administer accident and consumers to bigger administer their credit, claimed advice and identity. Today, TransUnion has a all-around attendance in added than 30 countries and a arch attendance in several all-embracing markets beyond North America, Africa, Latin America and Asia. Through the ability of information, TransUnion is alive to body stronger economies and families and safer communities worldwide.
We alarm this Advice for Good. www.transunion.com
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