Consumers looking to upgrade their credit score should consider upgrading their monthly fee to a better one, a new survey suggests.
The survey by the consumer credit reporting company Experian found that consumers who pay $75 or more for their credit reports each month are much more likely to receive a better credit score than those who pay just $25 or less.
The monthly fee for Experian’s BetterCredit ScorePlus credit score, a monthly fee that is paid on top of your credit report, has not changed since 2010, the survey found.
It is $25 per report and applies to new or existing accounts and is capped at $5,000 for credit cards and $25,000 on line accounts.
A $25 fee is the same as the one Experian charges for its $75 credit score.
The fee is included in Experian reports and has no impact on your credit score and other consumer protections.
“The annual fee for BetterCreditScorePlus has not increased over the past five years,” Experian said in a statement.
“We are continuing to explore new ways to improve consumer protections and increase consumer satisfaction.”
The survey also found that only 1 in 5 people over age 65 pay a credit card bill each month.
That figure is lower than it was 10 years ago, but is still higher than the 3 in 4 consumers that pay their credit cards on a monthly basis.
The annual fee paid by those over age 55 has increased over time.
Experian, however, has reported a decline in the number of people over 65 that pay credit cards annually.
Experians survey also showed that credit scores for people with mortgages have dropped since 2013.
While a mortgage loan is the first type of debt, people with credit scores that are below 150 have higher interest rates, according to Experian.
The percentage of Americans that have a credit score below 150 is down slightly from a record high of 58 percent in 2016, according the survey.
The number of Americans who pay a monthly credit card balance is also lower than at any point in the past decade, according that survey.
Experien said it expects its monthly credit score to drop again in the coming years.
Experiance, the nation’s largest credit reporting agency, has seen its share of consumers move from monthly to annual fees and a change to a cap on the amount that credit cards can charge.
Credit reporting agencies and other companies are changing how they report credit scores.
Experia has also been increasing the amount of information it collects about consumers who do not have credit histories and has been using new technology to better track the types of credit and loan products consumers use.