While Most Know that Everyone Is Given Access to a Free Credit Report Each Year, Four in Ten Have not Checked It in the Past 12 Months

New York, NY - The majority of Americans surveyed (85%) believe that by law, everybody is given access to a free credit report each year, including more than half (56%) who are confident that this is true and three in ten (29%) who think this is true, according to a new study conducted by Ipsos Public Affairs on behalf of the American Bankers Association.

However, only 60% have accessed their credit report in the past year, with equal proportions - roughly one in five each - having done so either in the past month (18%), the past six months (19%), or the past year (22%). One in seven (14%) say that they have reviewed it in the past few years, while 12% say that they can't recall when they last looked at their credit report. One in seven (14%) report that they have never accessed their credit report.

Similarly, when asked if they have ever accessed a free credit report, only 62% say that they have, while three in ten (31%) have not and 7% do not know.

U.S. adults are slightly more likely to say that they have recently checked their credit score, with two thirds (66%) saying that they last checked it sometime within the past year, including one quarter (26%) who have done so in the past month, and one in five who have done so either in the last six months (20%) or within the past year (20%). One in ten have checked their credit score at some point in the last four years (12%), while similar proportions (9%) have checked but are not sure when. Slightly more than one in ten (13%) say that they have never checked their credit score, which mirrors those who say the same of their credit report (14%).

Many Are Misinformed about Credit Reports and Credit Scores

There is some confusion about the differences between credit scores and credit reports, with nearly half (44%) saying that they believe that a credit score and a credit report are different names for basically the same thing. This includes one in ten (12%) who are confident that this is true, and three in ten (31%) who think this is true.

• Those ages 18 to 34 (52%), those with a household income of less than $50,000 (49%), and those who have never checked their credit report (56%) are among those most likely to believe that the two terms are one in the same. At the same time, a majority of respondents (56%) believe this statement to be false.

Similarly, two in five (38%) believe the notion that each consumer has ONE generic credit score, while six in ten (62%) believe this to be false.

One quarter of credit card holders (25%) say that their monthly credit card statements contain their credit score, while 15% are unsure. Six in ten (60%) say that their monthly statements do not contain this information.

When it comes to their credit score, nearly half (49%) say that they have a credit score of 700 or higher, while roughly one in five each say that their credit scores fall either between 600-699 (22%), or below 600 (18%). One in ten (11%) are unsure.

Resolving Credit Report Disputes

Among the 86% of adults who have accessed their credit report at some point, many are showing diligence as nearly three in ten (29%) have disputed something on their credit report, Two thirds (66%) of consumers say that they have not disputed something on their credit report and 5% do not know.

If they were to find out something wrong with their credit report, a majority (61%) would reach out to one of the credit bureaus (Experian, TransUnion, etc.), while another two in five (39%) would opt to contact their financial institution (bank, credit card company, etc.) in order to dispute and/or fix their report. One in ten would turn to an independent credit resolution company (9%), while very few (1%) would reach out to the company/creditor that reported this information on their credit report, or turn to some other (1%) place to dispute/fix their report. Just one in twenty (5%) say that they wouldn't take any action, while 1% are unsure what they would do.

Perhaps because most believe they have a relatively strong credit score, relatively few (8%) have ever used a company and/or service to help repair their credit. Those under the age of 35 (16%) are most likely to say that they have done so.

These are findings from an Ipsos poll conducted December 11 - 14, 2014. For the survey, a sample of 1,003 U.S. adults age 18 and over was interviewed online. The precision of Ipsos online polls is measured using a credibility interval. In this case, the poll has a credibility interval of plus or minus 3.5 percentage points for all respondents. The data were weighted to the U.S. current population data by gender, age, region and household income based on Census data. Statistical margins of error are not applicable to online polls. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error and measurement error. Where figures do not sum to 100, this is due to the effects of rounding.

For more information on this news release please contact:

Rebecca Sizelove Associate Vice President Ipsos Public Affairs 212.584.9253 [email protected]

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