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2016 Digital Money Trends Report: What We Learned About Credit Scores recently announced we would begin offering Canadians the chance to check their Equifax credit score online for free. In the 2016 Digital Money Trends Report, we asked Canadians a few questions about how well they know their credit scores. Here’s what we learned:

Less than half of Canadians know their credit score

Starting with the basics, we asked people whether they know their credit score. The answer was generally “no,” with only 42% of our survey sample reporting they knew their score. Until recently, getting your credit score wasn’t the easiest process. But now with companies like offering free credit scores online, we expect more and more people will be finding out their score.

Millennials are most likely to have a handle on their credit score

Millennials aged 18-34 were more likely than people of any other generation to report knowing their credit score. Forty-five percent of millennials had checked their credit score recently, compared with 42% of generation Xers and only 36% of boomers. This could be due in part to trust in the online platforms that offer credit scores. In general, we found younger people had more trust in technology and were more likely to go online to manage their finances.

People aren’t optimistic about their credit score

According to Equifax, 71% of Canadians have a credit score that falls in the “very good” or “excellent” range. That was reflected in our survey, which showed that 83% of people who knew their score fell into one of those categories. But people who didn’t know their credit score were far less likely to expect good news. Only 65% of those who said they don’t know their credit score thought it would be “very good” or “excellent.” What we don’t know is where the causation lies. Is it that people who are good with their money are more likely to check up on their credit score? Or is it that people who haven’t checked their credit score don’t realize that their credit is probably fine? If you haven’t checked your credit score yet, there’s only one way to find out.

The details on these stats, as well as information about mortgages, credit cards, saving and investing can be found in the 2016 Digital Money Trends Report. You can also read our roundups of what we learned about mortgages, credit cards, and saving. Come back tomorrow to read about what we learned about Canadians’ loyalty to their financial institutions.