CHICAGO (3/17/15)--A new report from TransUnion indicates consumers are largely confused about what affects their credit score and what is included in their credit report--providing a financial education opportunity for America's credit unions.
Nearly half of all consumers falsely identified rental (45%) and cell phone (47%) payments as those that directly affect their score, and these are not regularly reported to credit bureaus.
Among survey respondents who reported checking their report in the last 30 days, more than half mistakenly believe their full employment history (55%) and income level (41%) are included in their reports.
"Our survey found that there is significant confusion about what types of payments and other information are included in credit scores and reports," said Ken Chaplin, TransUnion senior vice president.
Other points of confusion in the survey: