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 loan business (29 percent),
* a bank or lending company (25 %),
* a smaller loan provider generally (sixteen percent),
* a car dealership (12 %),
* a charge card company (4 %), and
* various 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 reports because they were inquisitive,
* 31 % needed 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 percent was not sure why they had seen their reports
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.
18 percent felt their reviews were somewhat or very difficult to understand, and 3 % did not know.
* a home loan business (29 percent),
* a bank or lending company (25 %),
* a smaller loan provider generally (sixteen percent),
* a car dealership (12 %),
* a charge card company (4 %), and
* various 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 reports because they were inquisitive,
* 31 % needed 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 percent was not sure why they had seen their reports
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.
18 percent felt their reviews were somewhat or very difficult to understand, and 3 % did not know.