Many Americans still baffled by credit reports
This comes from a piece in the Whittier Daily News about how demand for the new federally mandated free credit reports has fallen far short of expectations. It also discusses the general lack of knowledge about credit reports and credit scores.
"Checked your credit score lately? If you haven't, you're not alone.
One of the Big Three credit-reporting agencies has said Americans' demand to see their credit reports this year has fallen well short of expectations. Meanwhile, a survey by the Consumer Federation of America and research firm Fair Isaac Corp. showed nearly half of all Americans fail to understand that credit scores measure their credit risk.
That lack of knowledge has put consumer advocates in a quandary. Late last year, the federal Fair and Accurate Credit Transactions Act made it possible for Americans to obtain a free credit report from each of the three major reporting agencies: Equifax Inc., Experian Information Services Inc. and Trans Union LLC.
But consumers appear to have missed the message."
More
"Checked your credit score lately? If you haven't, you're not alone.
One of the Big Three credit-reporting agencies has said Americans' demand to see their credit reports this year has fallen well short of expectations. Meanwhile, a survey by the Consumer Federation of America and research firm Fair Isaac Corp. showed nearly half of all Americans fail to understand that credit scores measure their credit risk.
That lack of knowledge has put consumer advocates in a quandary. Late last year, the federal Fair and Accurate Credit Transactions Act made it possible for Americans to obtain a free credit report from each of the three major reporting agencies: Equifax Inc., Experian Information Services Inc. and Trans Union LLC.
But consumers appear to have missed the message."
More
posted by Dave at 7:48 AM
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