A recent survey carried out by personal finance mega site Bankrate, has shown a worrying trend in consumer behavior.
Bankrate has found that at least 35 percent of Americans don’t check their credit reports while only 48 percent have checked in the last year.
This is disturbing given the importance of credit reports to financiers that use them to verify financial responsibility. Credit reports detail an individual’s credit history, and the three digit credit score that is generated from a credit report can influence one’s economic standing.
At least 25 percent of respondents check their reports more than once a year though most of those fall into the 19-30 year old age bracket. Millennials and senior citizens barely check their reports, with both groups averaging almost 50 percent in admitting they had never checked.
To combat this lack of financial awareness, Bankrate is introducing myBankrate, a service that enables consumers to view their credit score and credit reports for free.
These statistics are updated monthly, and will go towards reducing the chances of identity theft, credit fraud, and credit report errors.