There are a few famous lines you may remember about the reliability of statistics and their ability to really tell the whole story. When FindLaw.com, the most visited legal information site on the web, sought the latest statistics about young consumers and credit; they looked for the whole story. This insight led trusted news sources like CNN, and brands known for reliability like Consumer Reports, to come to FindLaw.com for legal news and information that would help give their readers the whole picture about consumers and credit.
In early March, FindLaw.com reported its findings from a survey of 1,000 demographically balanced respondents about the availability of credit to consumers aged 18 to 34. The survey found that in the current economy, credit is hard to come by for young consumers. In fact, sources that cited FindLaw's survey noted that more than one in five people aged 18-34 have been turned down for a credit card in the past year. Blogger Miranda Marquit of AllBusiness.com, writing about the FindLaw survey, noted things are a bit different than they used to be. "Back when I was in college, I got my first credit card -- before I even had a job," Marquit wrote. "My, how things have changed!" FindLaw also reported younger people were turned down at a rate of 4% for home car and student loans and at a 2% rate for refinancing and small business loans.
Trusted news sources Consumer Reports and CNN used the FindLaw.com survey to inform readers not just about the numbers, but about the best way for younger consumers to establish credit and to build a credit history. Both CreditLoan.com and CreditNet.com used the survey and its findings as the basis for their entire article on the availability of credit.
Most news sources quoted FindLaw.com's Social Media Team manager and attorney Stephanie Rahlfs. Rahlfs spoke to FindLaw's understanding of how the survey results can affect the day to day lives of readers. "Borrowing money - whether a mortgage, loan or even a credit card - often involves meeting strict standards set by the financial institution," said Rahlfs. "And it can be particularly difficult for younger people, who often have had less time and opportunity to establish a credit history, work history, etc. Monitoring your credit score, correcting any errors in your credit report, and building a good history of managing credit and loans can help increase the chances of being approved for a loan, mortgage or credit card down the road."
In the past, prominent news sources like the New York Times and USA Today have also turned to FindLaw survey results for reliable information that helps them break down current legal trends for their audience to understand and use.
-- Michelle Croteau, Director Marketing Communications
with Tanya Roth, FindLaw Portal Team