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Polls reveals consumers lack knowledge about credit agencies

Mar 03, 2011 Brian Bradley

The majority of Americans (81 percent) are aware that credit agencies compile and rate their consumer credit scores, but only about one-third can name all three agencies, according to a new poll from The data showed that only 30 percent can name Equifax, Experian and TransUnion. Targeted data revealed that 48 percent of the 1,000 respondents could name two of the bureaus while 69 percent could name one. Whether a consumer could identity one or all of the agencies reflected heavily on their education levels. Freescore discovered that consumers with some college education were more able to name all three and those with no college education were least likely to name any. "These days, it's vital that people know they have three credit scores from three major bureaus. You really never know which bureau a lender may rely on when evaluating your loan application," said Carrie Coghill, Freescore's director of consumer education. However, the difference was not wide when based off income. Consumers making less than $35,000 per year were aware of all three at a 26 percent rate, while 32 percent of those taking home more than $75,000 per year could name all three bureaus.