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 percent),
* a charge card company (4 %), and
* some other sources (14 percent).
Of the 58 percent of consumers who told us that they viewed their reports, the largest portion said that they'd seen their reports because they were getting a large purchase, such as a car or house, or were refinancing. The credit reporting industry has also collected info on the reasons customers order their reports. Additionally, Louis Harris and Associates carried out a study that was designed to determine consumers' interest in accurate credit reporting and discovered that:
* 39 percent of participants checked out their credit reviews simply because they were just researching,
* 31 % were ready to apply for a loan or credit card,
* 10 % have been refused credit,
* 6 % were concerned about id theft,
* 12 percent had other sorts of reasons, and
* 1 % did not know why they'd seen their reviews. Maybe it was late at night after the bar. Who knows?
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.
18 percent felt their reviews were somewhat or very difficult to understand, and 3 % did not know.
* home financing provider (29 percent),
* a bank or loan provider (25 %),
* a lender in general (16 %),
* a car dealership (12 percent),
* a charge card company (4 %), and
* some other sources (14 percent).
Of the 58 percent of consumers who told us that they viewed their reports, the largest portion said that they'd seen their reports because they were getting a large purchase, such as a car or house, or were refinancing. The credit reporting industry has also collected info on the reasons customers order their reports. Additionally, Louis Harris and Associates carried out a study that was designed to determine consumers' interest in accurate credit reporting and discovered that:
* 39 percent of participants checked out their credit reviews simply because they were just researching,
* 31 % were ready to apply for a loan or credit card,
* 10 % have been refused credit,
* 6 % were concerned about id theft,
* 12 percent had other sorts of reasons, and
* 1 % did not know why they'd seen their reviews. Maybe it was late at night after the bar. Who knows?
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.
18 percent felt their reviews were somewhat or very difficult to understand, and 3 % did not know.
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