Industry News

Renters less confident than owners in managing credit

Both groups checking credit reports, survey shows

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Homeowners and renters feel differently about managing their credit, with more renters than homeowners saying they believe they have more debt than they should, according to an industry survey released today. More than 81 percent of homeowners and 65 percent of renters believe that they manage their credit extremely well, according to a survey of more than 1,200 people conducted by the Mortgage Bankers Association, an industry trade group. The survey on consumer credit habits also revealed that 54 percent of renters feel that they have more debt than they should, compared to 39 percent of homeowners.  While renters report that they are generally familiar with important mortgage terminology, homeowners are significantly more knowledgeable about these mortgage terms. Of the renters surveyed, 45 percent say that they are considering buying a home in the next year or two.  "Renters reported being less confident about managing their credit extremely well, but 75 perc...