Survey: One in three reports never checking their credit score

The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.

It’s a long-running myth that just checking your credit score can damage it, a myth that has largely been debunked over the last few years. But can actively monitoring your credit score lead to better credit health?

In a previous study, we found that most Americans are poorly informed about the factors that inform their credit score or the institutions that track their credit history. With this lack of awareness around credit scores, we wanted to know if those who paid more attention to their credit had higher credit scores overall. 

We asked 1,000 people how often they checked their credit score, and what range their credit scores fell in.

Key findings:

• 33 percent of respondents said that they never checked their credit scores.
• Of those who checked their credit score at all, most checked it monthly.
• Only 3 percent of respondents reported checking their score daily.
• Those who reported having a credit score in the Good range (580 – 669) reported checking their score the most frequently.

33 percent never check their credit score

About a third of respondents indicated that they do not check their credit score on any kind of regular basis. When asked what range their credit score was in, 31 percent of respondents said that they didn’t know. 

Although credit scores play a role in whether or not consumers can purchase a car, buy a home or even apply for certain jobs, a large percentage of the American population are unaware of how credit reporting works. A survey conducted by LendingTree found that 37 percent of respondents had no idea how their credit scores were determined in the first place. 

Additionally, a survey from the CFPB found that around 22 percent of Americans are “credit-invisible,” meaning that they either have a thin file or no file at all at any of the three credit reporting bureaus. Despite how significant credit scores are in allowing consumers to participate in the economy, a large number can’t—or choose not to—engage with their credit profiles. 

Of those who checked their credit score, most check it monthly

Twenty-three percent of respondents reported checking their credit score monthly, with the smallest percentage of respondents reporting checking their credit score daily. 

Credit scores generally update every 30 – 45 days, reflecting changes made to your credit report. Depending on what service you use to monitor your credit score, you may see your score change at a different rate based on the particular scoring model used. 

There are no repercussions to checking your credit score yourself (what is referred to as a soft credit check or soft inquiry). If you’re monitoring for a change to your credit scores—if you’re waiting on an inaccurate negative item to be removed from your report, or for a new credit account to be reported, for example—it’s likely you won’t see any changes to your credit scores immediately. 

Those with a credit score in the 670 – 739 range checked their score the most frequently

People with a credit score in the FICO Good range (670 – 739) had the lowest percentage of people who reported never checking their credit score, with a third of respondents saying they checked their credit score monthly. 

Those who reported having a credit score in the Fair range (580 – 669) had the highest percentage of people who reported checking their credit score daily, at 10 percent. 

People with a credit score in the 300 – 579 range, the lowest range, checked their score the least frequently. Additionally, this group had the highest percentage of respondents reporting that they never checked their credit score (22 percent). 

Strategically building your credit score

Prior to the pandemic, the average FICO score was at an all-time high of 711. Historically, credit scores have lagged behind serious economic events—as they did following the 2009 recession—and it may take an unknown period before the economic effects of the pandemic appear on consumer credit reports. 

With that being said, there are signs that banks and other creditors are becoming more strict about who they lend to. Almost one in three banks have reported implementing stricter standards for credit card applications, according to a survey from the Federal Reserve.

While changing your financial situation may not be possible at the moment, being aware of your credit score and what items will be reported on your credit reports may help you better plan for the future.

Methodology

This study was conducted using Google Surveys. The sample consists of no less than 1,000 completed answers. Post-stratification weighting has been applied to ensure accurate and reliable representation of the total U.S. population ages 18 and older. The survey ran online during March 2021. Learn more about Google Surveys’ methodology.

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