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 %),
* a charge card company (4 %), and
* various other sources (14 percent).
Of the 58 % of consumers who told us they had viewed their reports, the largest percent said that they had viewed their reports because they were making a large purchase, like a car or home, or were re-financing. The credit confirming sector has also collected details on the reasons consumers order their reports. In addition, Louis Harris and Associates conducted a study that was built to determine consumers' desire for accurate credit reporting found that:
* 39 percent of participants checked out their credit reviews simply because they were just researching,
* 31 % were ready to try to get financing or charge card,
* 10 % had been refused 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.
Eighteen percent felt their reports were relatively or very hard to fully understand, and 3 % didn't know.
* home financing provider (29 percent),
* a bank or loan provider (25 %),
* a lender in general (16 %),
* a car dealership (12 %),
* a charge card company (4 %), and
* various other sources (14 percent).
Of the 58 % of consumers who told us they had viewed their reports, the largest percent said that they had viewed their reports because they were making a large purchase, like a car or home, or were re-financing. The credit confirming sector has also collected details on the reasons consumers order their reports. In addition, Louis Harris and Associates conducted a study that was built to determine consumers' desire for accurate credit reporting found that:
* 39 percent of participants checked out their credit reviews simply because they were just researching,
* 31 % were ready to try to get financing or charge card,
* 10 % had been refused 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.
Eighteen percent felt their reports were relatively or very hard to fully understand, and 3 % didn't know.
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