13 Interesting Facts about Credit Reports

  1. According to a study from the Federal Reserve, the larger the gap between your credit score and your spouse’s score, the greater you are at risk for divorce.
    • Speaking of spouses and credit scores, you can now find a date based on credit score at CreditScoreDating.com. After all, they say that money issues are one of the leading causes of divorce…
  2. The ‘Greatest Generation’ has some great scores. If you grew up during and in the aftermath of the Great Depression, it is plausible to assume you’ve been well informed on financial responsibility. Hence, the Greatest Generation, comprised of those 66 and up, have an average score of 829.
  3. Piggybacking off the last fact, Gen Y’ers have the lowest average generation credit score, coming in at 672. (Gen Y born between 1981 and 1994)
  4. It’s estimated that about 50 percent of all Americans don’t have one late payment on their credit report.
  5. Payment history, which includes the frequency of late payments, is the single-largest credit score calculating factor at 35 percent of the FICO score.
  6. Your credit utilization ratio is your debt to total credit allotment. For the best credit score, make sure your debt doesn’t exceed 30 percent of your limit.
  7. Only about 16 percent of Americans use 80 percent or more of their credit limit.
  8. Insurance companies have observed that credit scores also impact risk. For instance, the lower the credit score, the more likely that person is to file a claim.
  9. According to the FTC, about one out of every five Americans has an error on their credit report.
  10. Employers can access credit reports when making hiring decisions.
  11. If you’ve never had a credit card or an open line of credit, you won’t have any credit history or a FICO score.
  12. If you max out a credit card, you may be docked up to 45 points on your credit score.
  13. Contrary to what many people think, the money you earn has nothing to do with how high or low your credit score is.