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:
* a home financing business (29 percent),
* a bank or loan company (25 percent),
* a lender in general (16 %),
* a car dealership (12 %),
* 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 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 worried about id info being stolen,
* 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?
Additionally we asked consumers who had seen their reports whether they understood the content. Nearly all them-79 percent-felt that the data on their reports was very or somewhat clear and understandable.
Eighteen percent felt that their reports were somewhat or very hard to fully understand, and 3 percent weren't sure.
* a home financing business (29 percent),
* a bank or loan company (25 percent),
* a lender in general (16 %),
* a car dealership (12 %),
* 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 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 worried about id info being stolen,
* 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?
Additionally we asked consumers who had seen their reports whether they understood the content. Nearly all them-79 percent-felt that the data on their reports was very or somewhat clear and understandable.
Eighteen percent felt that their reports were somewhat or very hard to fully understand, and 3 percent weren't sure.
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