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How Well Do You Know Your Credit Scores?

Vantiv ShopTalk Survey Shows Consumers Are Knowledgeable about Credit Scores – But Find Credit Bureaus Frustrating and Complicated

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CINCINNATI, Nov. 24, 2015 – Credit scores are an important factor in many significant financial situations as they help determine a person’s creditworthiness and are used by lenders to evaluate potential risks by lending money to consumers. To better understand what people think about credit scores, Vantiv conducted a survey with Socratic Technologies to determine the sentiment around their scores and credit reports, as well as their experience with credit bureaus. Socratic Technologies surveyed 500 consumers, which found that most people are knowledgeable about their credit scores.

About 80 percent of respondents told us they know their credit score and are aware of the factors that could potentially impact it. The biggest factors influencing credit scores were:

  • Payment history (79 percent)
  • Public records (44 percent)
  • Amount owed (42 percent)

According to the results, age has an impact on how well respondents understood their credit scores, as 91 percent of 25-34 year olds knew their scores compared to 78 percent over age 44. The survey also found that Credit Karma tops the list of sites where consumers go to check their credit scores at 21 percent.

The Vantiv ShopTalk survey found that negative sentiment continues to cloud credit bureaus and reporting; with more than half of respondents (51 percent) saying credit bureaus are frustrating to deal with and are complicated (62 percent). In fact, more than one-third of consumers (38 percent) have experienced credit report errors. Of those errors, 29 percent say the error remains unresolved. However, 69 percent of respondents understand credit bureaus are critical in obtaining credit.

“It’s great to see how familiar consumers are with their credit scores and understand the importance of them,” said Kasturi Mudulodu, vice president product management at Vantiv. “However, it’s unfortunate more than ten percent of the customers have unresolved credit report errors which impact their lending terms negatively. According to the ShopTalk survey, only 48 percent of consumers polled agree that credit bureaus provide valuable information in the prevention of identity theft. Clearly, managing identity theft has become much harder given the massive breaches the U.S. has experienced, some of which include PII data. Vantiv understands the importance of fraud and security and is leading the way when it comes to helping businesses and financial institutions protect themselves from fraud, both online and in-store.”

Next month, Vantiv ShopTalk will focus on Christmas and holiday shopping asking the question what payment form would Santa accept. For more information about Vantiv, please visit vantiv.com or on TwitterFacebookLinkedInGoogle+ and YouTube.

 

ABOUT SOCRATIC TECHNOLOGIES, INC.

Socratic Technologies is a full-service marketing research consultancy that combines cutting-edge, practical innovations with strategic support. Our methods are a fusion of the best practices of time-tested traditional research and interactive, engaging techniques. With this combination of expertise and skills, we turn insights into action for our clients. www.Sotech.com.

ABOUT VANTIV, INC.

Vantiv, Inc. (NYSE: VNTV) is a leading payment processor differentiated by an integrated technology platform. Vantiv offers a comprehensive suite of traditional and innovative payment processing and technology solutions to merchants and financial institutions of all sizes, enabling them to address their payment processing needs through a single provider. We build strong relationships with our customers, helping them become more efficient, more secure and more successful. Vantiv is the second largest merchant acquirer and the largest PIN debit acquirer based on number of transactions in the U.S. The company's growth strategy includes expanding further into high-growth channels and verticals, including integrated payments, ecommerce, and merchant bank. 

 © 2015 Vantiv, LLC. All Rights Reserved. All trademarks, service marks and trade names referenced herein are the property of their respective owners.  Vantiv and other Vantiv products and services mentioned herein as well as their respective logos are registered trademarks or trademarks of Vantiv, LLC in the U.S. and other countries. 

 

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