What you need to know
The arena of credit scoring and credit monitoring is one rife with contradictions. Consumers overwhelmingly recognize the importance of building and maintaining good credit, and while most make a regular habit of checking their scores, nearly 20% of US consumers admit they never do. Credit reporting errors occur frequently, but consumers are generally powerless to prevent such mistakes, and are left to their own devices in search of a remedy. Despite myriad systemic issues, average consumer credit scores are, on the whole, improving.
Definition
This Report includes information on:
The state of credit reporting and credit monitoring in the US.
What financial institutions and other parties are doing to improve customer knowledge of, and engagement with, the credit scoring system.
How consumers view their own knowledge of financial concepts relating to credit scoring and credit monitoring, and what obstacles stand in the way of greater understanding.
