Recent survey data indicated that 58 % of consumers had seen their credit files at some point in time and that 45 percent of individuals had looked at them in the past twelve months. Other studies have documented that 43 to 63 % of their participants had seen their credit reports. For example, in a study by the Fed noted that 58 % of consumers had examined their reports. We asked the Consumer Data Industry Association (CDIA)-the group that represent the bureaus-how many credit reports Equifax, Experian, and TransUnion had provided to consumers. CDIA told us that 57.4 million credit reports were granted to customers every year. In our market research, we also asked the 58 % of consumers who stated that they had looked at their credit reports if they had ordered their reports by themselves or if another individual had ordered their report for them. Of the people who had seen their credit reports, 53 percent said that they had obtained their report by themselves, and 47 percent said it was ordered by another individual for them, including:
* a home loan business (29 percent),
* a bank or loan provider (25 %),
* a smaller loan provider generally (sixteen percent),
* a vehicle car dealership (twelve percent),
* a charge card company (4 %), and
* other sources (14 %).
From the 58 percent of customers who told us they'd seen their reviews, the biggest percentage stated that they'd seen their reviews simply because they were after a large purchase- a vehicle or home, or were refinancing. The credit confirming biz has additionally collected particulars around the reasons people order their reviews and discovered that:
* 39 percent of participants checked out their credit reports because they were inquisitive,
* 31 % were ready to try to get financing or charge card,
* 10 % had been denied credit,
* 6 % were concerned about id theft,
* 12 percent had another reasons, and
* 1 % did not know why they had seen their reports
We requested individuals who saw their reviews whether or not they understood the data. Most felt that the information on their own reviews was very or somewhat obvious and understandable.
Eighteen percent felt their reports were relatively or very hard to fully understand, and 3 % didn't know.
* a home loan business (29 percent),
* a bank or loan provider (25 %),
* a smaller loan provider generally (sixteen percent),
* a vehicle car dealership (twelve percent),
* a charge card company (4 %), and
* other sources (14 %).
From the 58 percent of customers who told us they'd seen their reviews, the biggest percentage stated that they'd seen their reviews simply because they were after a large purchase- a vehicle or home, or were refinancing. The credit confirming biz has additionally collected particulars around the reasons people order their reviews and discovered that:
* 39 percent of participants checked out their credit reports because they were inquisitive,
* 31 % were ready to try to get financing or charge card,
* 10 % had been denied credit,
* 6 % were concerned about id theft,
* 12 percent had another reasons, and
* 1 % did not know why they had seen their reports
We requested individuals who saw their reviews whether or not they understood the data. Most felt that the information on their own reviews was very or somewhat obvious and understandable.
Eighteen percent felt their reports were relatively or very hard to fully understand, and 3 % didn't know.
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