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.
Ask the Experts
- When asked why they don’t check their credit reports more often, 14% of people said they’re afraid to see what’s on them. What can we learn from that? Does it surprise you that the figure isn’t higher or lower?
- Why do you think it is that millennials are 5.5X more likely than baby boomers to not check their credit reports due to a fear of seeing what’s on them?
- We also found that women are 2X more likely than men to not check their credit reports because they're afraid to see what's on them. Do you think there’s any particular reason for that?
- 76% of people think credit reports should be simpler. Why aren’t they?
Ask the Experts
Matthew Notowidigdo
Associate Professor, Northwestern University
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Associate Professor, Northwestern University
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Michael J. Collins
Faculty Director, Center for Financial Security, School of Human Ecology, University of Wisconsin
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Faculty Director, Center for Financial Security, School of Human Ecology, University of Wisconsin
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Robert B. Walker
Ph.D., Director of Undergraduate Studies, Enterprise Leadership Major, College of Liberal Arts and Sciences, Lecturer, John Pappajohn Entrepreneurial Center, Tippie College of Business, The University of Iowa, Co-author of Personal Finance: Building Your Future, 2nd Edition, McGraw Hill
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Ph.D., Director of Undergraduate Studies, Enterprise Leadership Major, College of Liberal Arts and Sciences, Lecturer, John Pappajohn Entrepreneurial Center, Tippie College of Business, The University of Iowa, Co-author of Personal Finance: Building Your Future, 2nd Edition, McGraw Hill
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Rick Proctor
Associate Professor of Finance, Siena College
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Associate Professor of Finance, Siena College
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Kathryn Brownell
Associate Professor, Business, Jefferson Community College
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Associate Professor, Business, Jefferson Community College
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Full Details Overall
| How would you describe credit reports? | |
|---|---|
| Easy to read | 60% |
| Hard to read | 40% |
| Should credit reports be simpler? | |
| No | 24% |
| Yes | 76% |
| 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% |
| Which would you rather read? | |
| Work emails | 39% |
| College textbook | 31% |
| Credit report | 17% |
| Appliance manual | 6% |
| Phone book | 4% |
| Tax code | 3% |
| How often do you think you should be checking your credit reports for errors and signs of identity theft? | |
| Quarterly | 34% |
| Monthly | 31% |
| Weekly | 19% |
| Annually | 16% |
| Which of the following purposes can a credit report be used for? | |
| 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% |
| Would you rather see every single detail on your credit report, or a summary of important changes? | |
| Every detail | 58% |
| Important changes | 42% |
| Would you check your credit report more often it was presented in a simpler way? | |
| Yes | 68% |
| No | 32% |