Home > Credit Score > ‘I Don’t Care About My Credit Score’

Comments 0 Comments

Several years ago, my father received a letter from his auto insurer saying he didn’t get the highest discount due to his credit score. Until then, he had no interest in checking his credit. After all, he pays his bills on time and rarely has a need to borrow. Why bother?

He’s not alone. Some 38% of consumers surveyed have not seen their credit scores recently in the past year, and 17% have never seen their scores at all. That’s according to research by LexisNexis and Javelin Strategy and Research. The reason more than half (57%) of those age 25 and older gave for never reviewing their scores? They aren’t interested in seeing them.

In other words, they just don’t care.

If you’re among those consumers, I can explain to you how strong credit scores can save you money, and point out that your credit reports may contain mistakes that are raising your interest rates and causing you to lose out on the best discounts on your auto or homeowner’s insurance. I’ll tell you that monitoring your credit scores can alert you to changes to your credit reports which, in turn, may help you catch identity theft faster if you become a victim.

Maybe you’re not worried about any of that right now. That’s fine.

But someday that may change. And if you wait until then, it may be too late.

Why Your Credit Score Matters

Let’s say you find a house for sale and fall in love. In today’s hot real estate market in much of the country today, you may need to get preapproved for a mortgage ASAP so that your offer will be considered seriously. What happens if you find a mistake that takes 30-60 days to clear up?

Or how about if you are a victim of a natural disaster and need access to credit to make repairs while you wait for your insurance company to write a check? Are you really going to want to deal with your credit report then?

You could lose your job and find that you need access to low-cost credit to start that small business you have always dreamed of owning. Starting a business is time-consuming enough without adding another item to your to-do list.

Perhaps you’ll have to relocate to be closer to family or a new job, and you’ll have to get a mortgage to finance your new home while you try to sell your current one.

Who knows?

The point is, life happens. And when something does come up that throws a wrench in your plans, will you really want to find yourself worrying about checking — and perhaps working on — your credit reports and scores?

Do yourself a favor and get your free credit reports and free credit score now, when you aren’t pressed for time or under the gun to get approved for a loan.

By the way, in the same survey, 7% of consumers over the age of 25 who had never checked their credit scores said they didn’t want to pay the associated fees. For them, the good news is they can get one for free every single month using Credit.com’s Credit Report Card. That’s one more excuse knocked off the list.

Have you not checked your credit reports or scores because you aren’t interested in doing so? Or did you find something surprising when you did check your credit? Share your thoughts in the comments below. 

Image: iStockphoto

Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser's responsibility to ensure all posts and/or questions are answered.

Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.

Certain credit cards and other financial products mentioned in this and other articles on Credit.com News & Advice may also be offered through Credit.com product pages, and Credit.com will be compensated if our users apply for and ultimately sign up for any of these cards or products. However, this relationship does not result in any preferential editorial treatment.

Hello, Reader!

Thanks for checking out Credit.com. We hope you find the site and the journalism we produce useful. We wanted to take some time to tell you a bit about ourselves.

Our People

The Credit.com editorial team is staffed by a team of editors and reporters, each with many years of financial reporting experience. We’ve worked for places like the New York Times, American Banker, Frontline, TheStreet.com, Business Insider, ABC News, NBC News, CNBC and many others. We also employ a few freelancers and more than 50 contributors (these are typically subject matter experts from the worlds of finance, academia, politics, business and elsewhere).

Our Reporting

We take great pains to ensure that the articles, video and graphics you see on Credit.com are thoroughly reported and fact-checked. Each story is read by two separate editors, and we adhere to the highest editorial standards. We’re not perfect, however, and if you see something that you think is wrong, please email us at editorial team [at] credit [dot] com,

The Credit.com editorial team is committed to providing our readers and viewers with sound, well-reported and understandable information designed to inform and empower. We won’t tell you what to do. We will, however, do our best to explain the consequences of various actions, thereby arming you with the information you need to make decisions that are in your best interests. We also write about things relating to money and finance we think are interesting and want to share.

In addition to appearing on Credit.com, our articles are syndicated to dozens of other news sites. We have more than 100 partners, including MSN, ABC News, CBS News, Yahoo, Marketwatch, Scripps, Money Magazine and many others. This network operates similarly to the Associated Press or Reuters, except we focus almost exclusively on issues relating to personal finance. These are not advertorial or paid placements, rather we provide these articles to our partners in most cases for free. These relationships create more awareness of Credit.com in general and they result in more traffic to us as well.

Our Business Model

Credit.com’s journalism is largely supported by an e-commerce business model. Rather than rely on revenue from display ad impressions, Credit.com maintains a financial marketplace separate from its editorial pages. When someone navigates to those pages, and applies for a credit card, for example, Credit.com will get paid what is essentially a finder’s fee if that person ends up getting the card. That doesn’t mean, however, that our editorial decisions are informed by the products available in our marketplace. The editorial team chooses what to write about and how to write about it independently of the decisions and priorities of the business side of the company. In fact, we maintain a strict and important firewall between the editorial and business departments. Our mission as journalists is to serve the reader, not the advertiser. In that sense, we are no different from any other news organization that is supported by ad revenue.

Visitors to Credit.com are also able to register for a free Credit.com account, which gives them access to a tool called The Credit Report Card. This tool provides users with two free credit scores and a breakdown of the information in their Experian credit report, updated twice monthly. Again, this tool is entirely free, and we mention that frequently in our articles, because we think that it’s a good thing for users to have access to data like this. Separate from its educational value, there is also a business angle to the Credit Report Card. Registered users can be matched with products and services for which they are most likely to qualify. In other words, if you register and you find that your credit is less than stellar, Credit.com won’t recommend a high-end platinum credit card that requires an excellent credit score You’d likely get rejected, and that’s no good for you or Credit.com. You’d be no closer to getting a product you need, there’d be a wasted inquiry on your credit report, and Credit.com wouldn’t get paid. These are essentially what are commonly referred to as "targeted ads" in the world of the Internet. Despite all of this, however, even if you never apply for any product, the Credit Report Card will remain free, and none of this will impact how the editorial team reports on credit and credit scores.

Our Owners

Credit.com is owned by Progrexion Holdings Inc. which is the owner and administrator of a number of business related to credit and credit repair, including CreditRepair.com, and eFolks. In addition, Progrexion also provides services to Lexington Law Firm as a third party provider. Despite being owned by Progrexion, it is not the role of the Credit.com editorial team to advocate the use of the company’s other services. In articles, reporters may mention credit repair as an option, for example, but we’ll also be sure to note the various alternatives to that service. Furthermore, you may see ads for credit repair services on Credit.com, but the editorial team isn’t responsible for the creation or implementation of those ads, anymore than reporters for the New York Times or Washington Post are responsible for the ads on their sites.

Your Stories

Lastly, much of what we do is informed by our own experiences as well as the experiences of our readers. We want to tell your stories if you’re interested in sharing them. Please email us at story ideas [at] credit [dot] com with ideas or visit us on Facebook or Twitter.

Thanks for stopping by.

- The Credit.com Editorial Team