A consumer poll by U.S. News & World Report found that 34 percent of Americans were unaware of how a bad credit score can affect their life and 20 percent were unsure how to check their credit report. The Financial Literacy Survey also found that 31 percent of respondents could not say what APR stands for, and more than 48 percent did not know their APR could change. Meanwhile, only 41 percent of consumers correctly responded that interest is applied to a revolving balance, 26 percent knew that closing an old account can have a negative impact, and less than 40 percent were aware that they do not need to carry a card balance month to month to improve their credit score.
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