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Consumer credit counseling may help uneducated parents regarding credit scores
By Peggy Stillwell on May 7th, 2010
Many consumers may not know what affects their credit score, which may make it difficult for them to teach their children about proper financial management tactics.
According to a survey from ING Direct USA, 46 percent of respondents could identify no more than five of the 10 things that can lower a person's credit score. In fact, only five people of the more than 1,000 surveyed knew all 10 of the negative financial practices.
ING Direct USA chief executive officer Arkadi Kuhlmann said that parents who cannot identify the actions that can reduce a credit score may not be presenting a proper example to their kids.
"Also, parents could be overlooking some significant cost savings like lower interest rates that result by keeping their credit scores in check," Kuhlmann said.
Some of the things that could affect a person's credit score include not being able to pay bills on time or being close to credit card limits. Consumers who find they are having these problems may consider visiting a consumer credit counseling service, which can also provide them with financial education tips.
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