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Checking Your 3 Credit Reports

By Wilma Drummer


Recent survey data says 58 percent of customers saw their credit reviews at some stage in time, 45 percent saw them during the last twelve months. Other research has noted that 43 to 63 percent of the participants saw their credit reviews. We requested the Consumer Data Industry Association (CDIA)-the guys that represent the credit report agencies-the number of credit reviews Equifax, Experian, and TransUnion had deliver to customers in one year. CDIA informed us that 57.4 million credit reviews were released to individuals each year. Within our questionnaire, we wanted to know how many of the 58 percent of customers who mentioned that they checked out their credit reviews had purchased their reviews individually or had other people access their account. From the clients who saw their credit reviews, 53 percent stated that they acquired their report by themselves, and 47 percent stated another person or group bought it, on their behalf, including:

* a home financing business (29 percent),

* a bank or loan provider (25 %),

* a lender in general (16 %),

* a car dealership (12 percent),

* a charge card company (4 %), and

* other sources (14 %).

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 investigated their credit reports simply because they were curious,

* 31 % were ready to apply for a loan or credit card,

* 10 % had been refused credit,

* 6 % were concerned about id theft,

* 12 % had another reasons, and

* 1 % did not know why they had seen their reports

We also asked people who had seen their reports whether they understood the content. Almost all them-79 percent-felt that the data on their reports was very or somewhat straightforward.

Eighteen percent felt that their reports were somewhat or very hard to fully understand, and 3 percent weren't sure.




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