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

See all articles by Angela C. Lyons

Angela C. Lyons

University of Illinois at Urbana-Champaign

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

Lyons, Angela C., What's in a Score? Differences in Consumers' Credit Knowledge Using OLS and Quantile Regressions (January 2007). NFI Working Paper No. 2007-WP-01 , Available at SSRN: https://ssrn.com/abstract=985650 or http://dx.doi.org/10.2139/ssrn.985650

Angela C. Lyons (Contact Author)

University of Illinois at Urbana-Champaign ( email )

421 Mumford Hall, 1301 W Greogry Dr
Urbana, IL 61801
United States
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