What's in a Score? Differences in Consumers' Credit Knowledge Using OLS and Quantile Regressions
NFI Working Paper No. 2007-WP-01
36 Pages Posted: 14 May 2007
Date Written: January 2007
Abstract
Credit literacy depends, in part, on understanding credit reports and scores. The US Government Accountability Office (GAO) conducted a study in 2004 to assess consumers' knowledge of credit reports, credit scores, and the dispute resolution process. This study uses the GAO data and estimates a series of OLS 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 policymakers, especially with respect to national strategies designed to improve consumers' financial well-being.
Suggested Citation: Suggested Citation
Do you have a job opening that you would like to promote on SSRN?
Paper statistics
Recommended Papers
-
Financial Literacy and Planning: Implications for Retirement Wellbeing
-
Baby Boomer Retirement Security: The Roles of Planning, Financial Literacy, and Housing Wealth
-
Baby Boomer Retirement Security: The Roles of Planning, Financial Literacy, and Housing Wealth
-
Implications for Retirement Wellbeing of Financial Literacy and Planning
-
Wealth Accumulation and the Propensity to Plan
By John Ameriks, Andrew Caplin, ...
-
Financial Literacy and Stock Market Participation
By Maarten van Rooij, Annamaria Lusardi, ...
-
Financial Literacy and Stock Market Participation
By Maarten van Rooij, Annamaria Lusardi, ...
-
Financial Literacy and Stock Market Participation
By Maarten van Rooij, Annamaria Lusardi, ...