Credit Reporting Perceptions
According to a recent Freddie Mac survey of homeowners and renters, many Americans are confused about the impact of debt on their credit profile. For example, one in three Americans are not aware that credit score elements such as the length of credit usage or having joint credit and loan accounts are reported to credit bureaus. Additionally, more than half of homeowners and renters aren’t aware that being behind on their housing payment can result in an impaired credit rating and nearly 60% don't know or realize it can impact their ability to get a loan in the future.
Partnering with Heart+Mind Strategies, these questions were included in the May 2021 Consumer COVID-19 Tracking Poll that has been fielding on a biweekly or monthly basis, depending on market conditions since March of 2020. This poll fielded May 13-18, 2021, with 1,000 individuals responding.