What's in a Score? Differences in Consumers' Credit Knowledge Using OLS and Quantile Regressions

Credit literacy depends, in part, on understanding credit reports and scores. The U.S. Government Accountability Office conducted a study in 2004 to assess consumers' knowledge of credit reports, credit scores, and the dispute resolution process. This study uses the Government Accountability Of...

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Bibliographic Details
Published in:The Journal of consumer affairs 2007-12, Vol.41 (2), p.223-249
Main Authors: LYONS, ANGELA C., RACHLIS, MITCHELL, SCHERPF, ERIK
Format: Article
Language:English
Subjects:
Accountability
Analysis
Consumer credit
Consumer Education
Consumer protection
Consumer research
Consumers
Credit (Finance)
Credit ratings
Credit reporting agencies
Credit reports
Credit scores
Credit scoring
Education credits
Education policy
Educational Policy
Error Correction
Fair & Accurate Credit Transactions Act 2003-US
Fair Credit Reporting Act 1970-US
Federal Legislation
Financial literacy
Government (Administrative Body)
Government regulation
Knowledge
Laws, regulations and rules
Least Squares Statistics
Literacy
Literature Reviews
Marketing research
Methods
Mortgage loans
Population
Quantile regression
Random variables
Regression (Statistics)
Regression analysis
Sampling
Sampling techniques
Studies
Teaching Methods
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Summary:Credit literacy depends, in part, on understanding credit reports and scores. The U.S. Government Accountability Office conducted a study in 2004 to assess consumers' knowledge of credit reports, credit scores, and the dispute resolution process. This study uses the Government Accountability Office data and estimates a series of ordinary least squares and quantile regressions to identify specific subgroups of the population that could benefit from more targeted consumer policies and financial education. The findings from this research have important implications for consumer educators, financial professionals, and policy makers, especially with respect to national strategies designed to improve consumers' financial well-being.
ISSN:0022-0078
1745-6606
DOI:10.1111/j.1745-6606.2007.00079.x