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 loan business (29 percent),
* a bank or loan company (25 percent),
* a lender in general (16 %),
* a vehicle car dealership (twelve percent),
* a charge card company (4 %), and
* other sources (14 %).
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 % had another 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.
* a home loan business (29 percent),
* a bank or loan company (25 percent),
* a lender in general (16 %),
* a vehicle car dealership (twelve percent),
* a charge card company (4 %), and
* other sources (14 %).
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 % had another 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.
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