Recent survey data showed that 58 percent of consumers had seen their credit files at some point in time and that 45 % of individuals had seen them within the last twelve months. Other studies have documented that 43 to 63 % of their participants had seen their credit reports. For instance, in a study by the Federal Reserve noted that 58 % of consumers had evaluated their records. We also asked the Consumer Data Industry Association (CDIA)-the group which represents the bureaus-how many credit reports Equifax, Experian, and TransUnion had provided to consumers. CDIA informed us that 57.4 million credit reports were released to customers every year. In our survey, we also asked the 58 percent of consumers who said that they had viewed their credit reports if they had ordered their reports by themselves or if another individual had requested their report on their behalf. Of the customers who had seen their credit reports, 53 % said that they had ordered their report independently, and 47 % said it was acquired by another individual for them, including:
* home financing provider (29 percent),
* a bank or loan provider (25 %),
* a lender in general (16 %),
* a car dealership (12 %),
* a charge card company (4 %), and
* some other sources (14 percent).
Of the 58 % of consumers who told us they had viewed their reports, the largest percent said that they had viewed their reports because they were making a large purchase, like a car or home, or were re-financing. The credit confirming sector has also collected details on the reasons consumers order their reports. In addition, Louis Harris and Associates conducted a study that was built to determine consumers' desire for accurate credit reporting found that:
* 39 percent of participants checked out their credit reports because they were inquisitive,
* 31 % were ready to apply for a loan or credit card,
* 10 % had been refused credit,
* 6 % were concerned about id theft,
* 12 percent had other sorts of reasons, and
* 1 percent was not sure why they had seen their reports
We requested individuals who saw their reviews whether or not they understood the data. Many them-79 percent-felt that the information on their own reviews was very or somewhat obvious and understandable.
Eighteen percent felt that their reports were somewhat or very hard to fully understand, and 3 percent weren't sure.
* home financing provider (29 percent),
* a bank or loan provider (25 %),
* a lender in general (16 %),
* a car dealership (12 %),
* a charge card company (4 %), and
* some other sources (14 percent).
Of the 58 % of consumers who told us they had viewed their reports, the largest percent said that they had viewed their reports because they were making a large purchase, like a car or home, or were re-financing. The credit confirming sector has also collected details on the reasons consumers order their reports. In addition, Louis Harris and Associates conducted a study that was built to determine consumers' desire for accurate credit reporting found that:
* 39 percent of participants checked out their credit reports because they were inquisitive,
* 31 % were ready to apply for a loan or credit card,
* 10 % had been refused credit,
* 6 % were concerned about id theft,
* 12 percent had other sorts of reasons, and
* 1 percent was not sure why they had seen their reports
We requested individuals who saw their reviews whether or not they understood the data. Many them-79 percent-felt that the information on their own reviews was very or somewhat obvious and understandable.
Eighteen percent felt that their reports were somewhat or very hard to fully understand, and 3 percent weren't sure.
About the Author:
For more information on your credit reports check out Scoredriven- Your 3 Credit Reports, For your all 3 credit reports and scores in one tri merge report check out Scoredriven
No comments:
Post a Comment