The current challenging economic landscape is having an effect with one third of US consumers feeling financially insecure. Some 43% of consumers polled by FICO say that the unstable economy is a barrier to achieving financial goals.

Managing credit can be a beacon amongst uncertainty

According to FICO, 85% of US consumers feel more secure in the rest of their lives when their credit score is healthy. Learning about the right steps to manage credit can help people feel more in control of their finances and well-being.

Understanding credit looks different across generations

One in five Gen Zers say that they only understand credit scores a little or not at all. By contrast, compared Boomers (96%) are the more likely to say they completely understand credit scores.

The FICO survey, entitled ‘Credit Scores Uncovered: Consumer Relationships with their Scores’ funds that only 37% of consumers check their scores monthly. Given the importance of consumers actively monitoring their credit to stay informed and maintain accountability, a lack of knowledge in this area could deter some people from reaching their credit goals.

“Knowing that access to credit is a key building block for achieving financial goals it’s easy to understand why credit scores would be a significant factor in overall well-being,” says Sally Taylor, vice president and general manager, FICO Scores.

“Learning how to achieve healthy credit habits can help people gain access to the credit they need to reach their financial goals, like get an education, cover medical expenses, or buy a first home. Millions of consumers rely on their FICO Score for their financial future, and we don’t take that responsibility lightly.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.