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Wednesday, January 21, 2015

ABA Survey: 60 Percent of Americans Have Checked Their Credit Report in Past Year

Eighty-five percent of Americans are aware that they have access to a free credit report each year and 60% have checked their credit report within the past 12 months, according to a new survey released by the American Bankers Association. To help educate consumers about the importance of credit their history, ABA has released this and other data in its latest issue of The Credit Line, which includes facts about how credit reports are compiled, and what consumers should know when checking their own credit histories.

“People know their credit history is important, but it’s equally important for them to understand how to access and improve their histories, correct any errors and avoid falling into any traps,” said Molly Wilkinson, executive director of ABA’s Card Policy Council. “The more consumers know about their own credit history, the better they can position themselves for lower rates when applying for loans.”

The survey of more than 1,000 U.S. adults was conducted for ABA by Ipsos Public Affairs, an independent market research firm, Dec. 11-14, 2014. It also found that there is some confusion among U.S. consumers about the differences between credit scores and credit reports, with nearly half (44%) saying they believe credit scores and credit reports are different names for the same thing. Consumers are slightly more likely to have recently checked their credit score, with two-thirds (66%) saying they have checked their credit score within the past year.

Read the full press release.

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