2018 Credit Report Complexity Survey
11:20 AMPosted by: John S Kiernan
People have all sorts of excuses for not checking their credit reports more often. Some say they just don’t have time. Others are afraid to see what’s on there. But two things are abundantly clear: 1) Credit reports are among the most important documents in our financial lives; and 2) We’d review them far more frequently if they were simpler.
That’s why WalletHub gives you free credit reports, updated daily, plus a timeline highlighting important changes. And to get a sense of just how much this type of simpler option could help people, WalletHub conducted a nationally representative survey on the subject of credit report complexity. You can check out the findings below.
Embed on your website<a href="https://ift.tt/2LXgDgN"> <img src="//d2e70e9yced57e.cloudfront.net/wallethub/posts/52769/2018-credit-report-complexity-survey-v6.png" width="" height="" alt="" /> </a> <div style="width:px;font-size:12px;color:#888;">Source: <a href="https://ift.tt/2OcA2qD>
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How would you describe credit reports? |
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|---|---|
| Easy to read | 60% |
| Hard to read | 40% |
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Should credit reports be simpler? |
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| No | 24% |
| Yes | 76% |
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How often do you check your credit reports? |
|
| Annually | 36% |
| Never | 23% |
| Quarterly | 17% |
| Monthly | 17% |
| Weekly | 7% |
|
Which would you prefer? |
|
| A full credit report | 20% |
| A full credit report, plus a summary of important changes | 80% |
|
Please select all that are included on a credit report: |
|
| Credit card | 92% |
| Bankruptcy | 69% |
| Mortgage | 68% |
| Tax lien | 55% |
| Checking account | 39% |
| Income | 37% |
| Retirement account | 19% |
|
What is the biggest reason you don’t check your credit reports more frequently? |
|
| Don't want to pay for it | 35% |
| Don't have time | 27% |
| Don't care | 24% |
| Afraid to see what's on it | 14% |
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Which would you rather read? |
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| Work emails | 39% |
| College textbook | 31% |
| Credit report | 17% |
| Appliance manual | 6% |
| Phone book | 4% |
| Tax code | 3% |
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How often do you think you should be checking your credit reports for errors and signs of identity theft? |
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| Quarterly | 34% |
| Monthly | 31% |
| Weekly | 19% |
| Annually | 16% |
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Which of the following purposes can a credit report be used for? |
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| Applying for a credit card | 91% |
| Applying for a new apartment | 82% |
| Getting car insurance | 57% |
| Opening a checking account | 51% |
| Applying for a job | 47% |
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Would you rather see every single detail on your credit report, or a summary of important changes? |
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| Every detail | 58% |
| Important changes | 42% |
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Would you check your credit report more often it was presented in a simpler way? |
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| Yes | 68% |
| No | 32% |
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How would you describe credit reports? |
||||
|---|---|---|---|---|
| 18 - 29 | 30 - 44 | 45 - 59 | 59+ | |
| Easy to read | 54% | 69% | 58% | 60% |
| Hard to read | 46% | 31% | 42% | 40% |
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Should credit reports be simpler? |
||||
| 18 - 29 | 30 - 44 | 45 - 59 | 59+ | |
| No | 14% | 25% | 26% | 28% |
| Yes | 86% | 75% | 74% | 72% |
|
How often do you check your credit reports? |
||||
| 18 - 29 | 30 - 44 | 45 - 59 | 59+ | |
| Annually | 20% | 36% | 43% | 41% |
| Monthly | 24% | 19% | 10% | 17% |
| Never | 25% | 21% | 23% | 22% |
| Quarterly | 20% | 14% | 21% | 15% |
| Weekly | 11% | 10% | 3% | 5% |
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Which would you prefer? |
||||
| 18 - 29 | 30 - 44 | 45 - 59 | 59+ | |
| A full credit report | 20% | 24% | 16% | 22% |
| A full credit report, plus a summary of important changes | 80% | 76% | 84% | 78% |
|
Please select all that are included on a credit report: |
||||
| 18 - 29 | 30 - 44 | 45 - 59 | 59+ | |
| Credit card | 86% | 96% | 91% | 94% |
| Bankruptcy | 54% | 74% | 74% | 70% |
| Mortgage | 62% | 67% | 70% | 71% |
| Tax lien | 44% | 58% | 59% | 57% |
| Checking account | 47% | 34% | 36% | 41% |
| Income | 50% | 31% | 30% | 40% |
| Retirement account | 29% | 15% | 13% | 20% |
|
What is the biggest reason you don’t check your credit reports more frequently? |
||||
| 18 - 29 | 30 - 44 | 45 - 59 | 59+ | |
| Afraid to see what's on it | 23% | 22% | 10% | 4% |
| Don't care | 22% | 16% | 15% | 41% |
| Don't have time | 29% | 23% | 34% | 22% |
| Don't want to pay for it | 26% | 39% | 41% | 33% |
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Which would you rather read? |
||||
| 18 - 29 | 30 - 44 | 45 - 59 | 59+ | |
| Appliance manual | 5% | 5% | 8% | 7% |
| College textbook | 37% | 32% | 26% | 29% |
| Credit report | 11% | 24% | 15% | 19% |
| Phone book | 5% | 2% | 5% | 3% |
| Tax code | 1% | 4% | 4% | 3% |
| Work emails | 41% | 33% | 42% | 39% |
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How often do you think you should be checking your credit reports for errors and signs of identity theft? |
||||
| 18 - 29 | 30 - 44 | 45 - 59 | 59+ | |
| Annually | 10% | 17% | 18% | 18% |
| Monthly | 36% | 31% | 27% | 29% |
| Quarterly | 25% | 33% | 38% | 37% |
| Weekly | 29% | 19% | 17% | 16% |
|
Which of the following purposes can a credit report be used for? |
||||
| 18 - 29 | 30 - 44 | 45 - 59 | 59+ | |
| Applying for a credit card | 86% | 91% | 92% | 93% |
| Applying for a new apartment | 83% | 83% | 80% | 85% |
| Getting car insurance | 62% | 56% | 54% | 57% |
| Opening a checking account | 53% | 54% | 54% | 43% |
| Applying for a job | 32% | 46% | 54% | 52% |
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Would you rather see every single detail on your credit report, or a summary of important changes? |
||||
| 18 - 29 | 30 - 44 | 45 - 59 | 59+ | |
| Every detail | 57% | 61% | 61% | 51% |
| Important changes | 43% | 39% | 39% | 49% |
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Would you rather see every single detail on your credit report, or a summary of important changes? |
||||
| 18 - 29 | 30 - 44 | 45 - 59 | 59+ | |
| Yes | 76% | 67% | 70% | 58% |
| No | 24% | 33% | 30% | 42% |
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How would you describe credit reports? |
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|---|---|---|
| Female | Male | |
| Easy to read | 59% | 62% |
| Hard to read | 41% | 38% |
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Should credit reports be simpler? |
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| Female | Male | |
| No | 23% | 25% |
| Yes | 77% | 75% |
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How often do you check your credit reports? |
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| Female | Male | |
| Annually | 37% | 35% |
| Monthly | 17% | 17% |
| Never | 23% | 23% |
| Quarterly | 18% | 16% |
| Weekly | 5% | 9% |
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Which would you prefer? |
||
| Female | Male | |
| A full credit report | 20% | 21% |
| A full credit report, plus a summary of important changes | 80% | 79% |
|
Please select all that are included on a credit report: |
||
| Female | Male | |
| Credit card | 91% | 93% |
| Bankruptcy | 68% | 69% |
| Mortgage | 67% | 69% |
| Tax lien | 55% | 55% |
| Checking account | 36% | 43% |
| Income | 33% | 42% |
| Retirement account | 15% | 23% |
|
What is the biggest reason you don’t check your credit reports more frequently? |
||
| Female | Male | |
| Afraid to see what's on it | 19% | 10% |
| Don't care | 19% | 29% |
| Don't have time | 25% | 28% |
| Don't want to pay for it | 37% | 33% |
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Which would you rather read? |
||
| Female | Male | |
| Appliance manual | 5% | 8% |
| College textbook | 28% | 33% |
| Credit report | 17% | 18% |
| Phone book | 4% | 4% |
| Tax code | 2% | 4% |
| Work emails | 44% | 33% |
|
How often do you think you should be checking your credit reports for errors and signs of identity theft? |
||
| Female | Male | |
| Annually | 15% | 17% |
| Monthly | 32% | 29% |
| Quarterly | 32% | 35% |
| Weekly | 21% | 19% |
|
Which of the following purposes can a credit report be used for? |
||
| Female | Male | |
| Applying for a credit card | 91% | 90% |
| Applying for a new apartment | 87% | 78% |
| Getting car insurance | 57% | 57% |
| Opening a checking account | 53% | 49% |
| Applying for a job | 51% | 43% |
|
Would you rather see every single detail on your credit report, or a summary of important changes? |
||
| Female | Male | |
| Every detail | 56% | 59% |
| Important changes | 44% | 41% |
|
Would you check your credit report more often it was presented in a simpler way? |
||
| Female | Male | |
| Yes | 70% | 66% |
| No | 30% | 34% |
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How would you describe credit reports? |
|||
|---|---|---|---|
| High Income | Low Income | Medium Income | |
| Easy to read | 63% | 51% | 66% |
| Hard to read | 37% | 49% | 34% |
|
Should credit reports be simpler? |
|||
| High Income | Low Income | Medium Income | |
| No | 32% | 13% | 20% |
| Yes | 68% | 87% | 80% |
|
How often do you check your credit reports? |
|||
| High Income | Low Income | Medium Income | |
| Annually | 43% | 25% | 38% |
| Monthly | 17% | 16% | 19% |
| Never | 18% | 37% | 19% |
| Quarterly | 18% | 10% | 19% |
| Weekly | 4% | 12% | 5% |
|
Which would you prefer? |
|||
| High Income | Low Income | Medium Income | |
| A full credit report | 19% | 23% | 17% |
| A full credit report, plus a summary of important changes | 81% | 77% | 83% |
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Please select all that are included on a credit report: |
|||
| High Income | Low Income | Medium Income | |
| Credit card | 97% | 85% | 93% |
| Bankruptcy | 76% | 63% | 66% |
| Mortgage | 81% | 63% | 62% |
| Tax lien | 65% | 52% | 53% |
| Checking account | 42% | 53% | 23% |
| Income | 41% | 46% | 32% |
| Retirement account | 18% | 29% | 17% |
|
What is the biggest reason you don’t check your credit reports more frequently? |
|||
| High Income | Low Income | Medium Income | |
| Afraid to see what's on it | 5% | 27% | 18% |
| Don't care | 33% | 18% | 17% |
| Don't have time | 29% | 24% | 34% |
| Don't want to pay for it | 33% | 31% | 31% |
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Which would you rather read? |
|||
| High Income | Low Income | Medium Income | |
| Appliance manual | 4% | 6% | 4% |
| College textbook | 31% | 31% | 31% |
| Credit report | 17% | 14% | 24% |
| Phone book | 3% | 7% | 3% |
| Tax code | 5% | 4% | 3% |
| Work emails | 40% | 38% | 35% |
|
How often do you think you should be checking your credit reports for errors and signs of identity theft? |
|||
| High Income | Low Income | Medium Income | |
| Annually | 18% | 25% | 15% |
| Monthly | 32% | 24% | 28% |
| Quarterly | 40% | 19% | 30% |
| Weekly | 10% | 32% | 27% |
|
Which of the following purposes can a credit report be used for? |
|||
| High Income | Low Income | Medium Income | |
| Applying for a credit card | 97% | 76% | 95% |
| Applying for a new apartment | 88% | 77% | 85% |
| Getting car insurance | 63% | 57% | 50% |
| Opening a checking account | 50% | 50% | 45% |
| Applying for a job | 51% | 40% | 43% |
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Would you rather see every single detail on your credit report, or a summary of important changes? |
|||
| High Income | Low Income | Medium Income | |
| Every detail | 55% | 65% | 56% |
| Important changes | 45% | 35% | 44% |
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Would you check your credit report more often it was presented in a simpler way? |
|||
| High Income | Low Income | Medium Income | |
| Yes | 57% | 80% | 75% |
| No | 43% | 20% | 25% |
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