Survey: 15% of Americans Have Used ChatGPT to Improve Their Credit Scores

BadCredit.org survey reveals that many young consumers, predominantly Gen Z and millennial males, trust AI tools to help them improve their credit.

GAINESVILLE, FLORIDA, UNITED STATES, February 22, 2024 /EINPresswire.com/ -- BadCredit.org, a website that enables Americans to make better credit decisions through educational content and research, today released the results of its 2024 AI and Credit Scores Survey¹. The survey looked at which consumers are using AI tools they trust, such as ChatGPT, to monitor and improve their credit scores.

Who is using AI to source credit scores?

The average FICO^® Score, as of April 2023, stands at 718, which is two points higher² than the average FICO Score a year ago. Could GenAI be contributing to this improvement? According to the survey, nearly one-quarter (24%) of Americans surveyed say they have used ChatGPT (or another AI bot) to suggest a source for checking their credit score. That number represents 29% of male respondents compared with 20% of females.

Younger consumers are showing even more excitement around using AI tools to source credit score monitoring. Survey results show that 30% of millennial respondents and 29% of Gen Z respondents say they have used ChatGPT (or another AI bot) to suggest a source for checking their credit score.

The counter to using AI tools for checking credit scores is that fewer consumers say they trust AI, as the survey reports only 16% of respondents say they trust ChatGPT or another AI bot to suggest a source for checking their credit scores. Of those who say they trust AI to recommend a credit score source:

• 22% are male
• 11% are female
• 37% are millennials
• 35% are Gen Z

Who is using AI to improve their credit scores?

The survey also revealed that 25% of Americans surveyed say they trust AI to help them improve their credit, and that number increases to 31% of males versus 19% of females. Younger consumers were more likely to say they trust AI can help them improve their credit scores, with 39% of millennials and 37% of Gen Z surveyed buying in.

That said, the survey found that only 15% overall have actually used ChatGPT or another AI bot’s advice to help improve their credit scores. That breaks down to 20% of male respondents, 10% of female respondents, 29% of Gen Z respondents, and 28% of millennial respondents.

“The key to achieving the average FICO score of 718 or higher is to lower your credit card debt and consistently repay your debts on time,” said Ashley Fricker, Senior Editor with BadCredit.org. “Younger generations are more likely to use ChatGPT already, and many have leveraged it to help them with school assignments, job applications, and other written applications. So entrusting it to help them answer questions about their credit scores and heed its actional advice isn’t too surprising. But users should nevertheless verify the advice they’re given and double-check its validity.”

Methodology: A national online survey of 1,015 U.S. consumers, ages 18 and older, was conducted by Propeller Insights on behalf of BadCredit.org in February of 2024. Survey responses were nationally representative of the U.S. population for age, gender, region, and ethnicity. The maximum margin of sampling error was +/- 3 percentage points with a 95% level of confidence.

About BadCredit.org³: Created to inform and educate Americans with bad credit, the website enables better credit decisions and a brighter financial future through educational content and research. As the top resource in the subprime finance market, the site receives nearly 1 million monthly pageviews and is one of the only sites serving the full informational needs of subprime consumers, who make up 26% of the personal finance marketplace.

Brent Shelton
BadCredit.org
brent@bospar.com
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¹ https://www.badcredit.org/studies/chatgpt-and-credit-scores/
² https://www.fico.com/blogs/average-us-fico-score-718
³ https://www.badcredit.org/