Only one in four Americans thinks their credit score is an accurate reflection of their financial status, new research suggests.<br /><br />That’s according to a recent survey with a panel of 2,000 respondents, 80% of whom (1612) identified as current homeowners.<br /><br />Of those polled, just 28% strongly agree that their credit score accurately represents their financial situation. <br /><br />About one in nine respondents (12%) feel their credit score is lower than it should be, and another 50% actually feel their credit score is higher than it should be, including slightly more homeowners (51%) than non-homeowners (46%).<br /><br />Moreover, one in ten Americans have no idea what their credit score is, and one in five wouldn’t know how to check it.<br /><br />Conducted by OnePoll on behalf of FormFree, the survey also revealed that only half of Americans believe their credit score should count towards whether or not they qualify for a home loan.<br /><br />While 49% said that their credit score should be considered, another 53% would prefer that their ability to pay their bills on time should also be factored in. <br /><br />With all that in mind, it’s not surprising that only 50% of non-homeowners are confident that they’ll one day be able to afford a house. <br /><br />Respondents believed that a credit score between 670 and 769 would be needed to secure a mortgage – leaving out the 20% who put their current score at somewhere under 669. <br /><br />When prompted to describe their general perception of credit scores, four out of five (81%) chose not to categorize them as “necessary.” <br /><br />Forty percent even cited “insufficient credit scores” as one of the biggest barriers to homeownership for the average American, just under “difficulty qualifying for a mortgage loan” (42%) and “insufficient savings for a down payment” (43%).<br /><br />"It is astonishingly rare for credit bureaus to receive comprehensive reports on consumers' payment history from landlords or utility companies. At a time when the average monthly rent is higher than the average mortgage payment in many U.S. cities, only 24% of renters are getting credit for managing their housing expenses,” said FormFree CEO Brent Chandler. “This lack of data fails to provide a fair assessment of individuals' financial management skills and undermines the accuracy of credit evaluations when used without deeper cash-flow analytics."<br /><br />Overall, the average respondent makes between three and four (3.78) financial transactions in a day on essentials like gas, laundry or groceries. <br /><br />Two-thirds (69%) of respondents admitted that they don’t feel they can leave the house without spending money in some way, new research suggests.
