Americans failing to check their credit

According to Credit.com, the average American credit score is 693 - with New England residents ranking the highest at 713. In addition, approximately 30 percent of Americans have yet to check their credit score. Americans may be unaware of the opportunities they have in regards to credit scores, Market Watch reports. The disparate knowledge that exists between consumers and decision-making creditors was studied by the Consumer Financial Protection Bureau. Consumers that are currently unaware of the vast credit score opportunities in the market may purchase any score and firmly believe it's their actual score, the CFPB notes, quoted by the news source. "The most significant adverse impact on a consumer from score differences would likely occur if the credit scores the consumer buys give a substantially different impression of his or her credit risk than credit scores that a lender would use," a CFPB spokesperson said. Elizabeth Warren, a White House advisor, told the news source consumers have attempted to gain an advantage by purchasing their own credit scores. She further mentioned that her team is determining whether such purchases are truly beneficial to consumers.