Study: Credit Reporting Literacy
Many thanks to attorney Kathy Cruz of Hot Springs, Arkansas for drawing my attention to a study published this past March by the General Accounting Office entitled "Credit Reporting Literacy: Consumers Understood The Basics But Could Benefit From Targeted Educational Efforts." The study, mandated under the Fair and Accurate Credit Transactions Act, surveyed more than 1,500 consumers nationwide to determine their knowledge of credit scoring. Although the study concludes that most consumers have a basic understanding of credit scoring, they do not have a detailed knowledge of much of the particulars associated with credit scoring, such as how long items remain on their credit reports, or the impact that credit reports can have on their ability to secure insurance or obtain employment.
For those of you who actively market your bankruptcy practices, the study contains excellent information you can use in your newsletters, websites, and other marketing materials.
