Survey of Americans’ Attitudes Toward the Credit Reporting Industry, “Risk-Based” Pricing and a Public Credit Bureau
- Most Americans (70%) have a favorable opinion of credit reporting agencies.
- Most Americans also support the current use of risk-based pricing and alternative data, such as rent, utilities and cell phone bills.
- 76% support using risk-based pricing
- 73% support using alternative data
- Not only do most consumers believe that credit reporting is critical to a healthy economy, they overwhelmingly support the current private credit bureau system.
- 77% agree credit reporting is critical to a healthy economy
- 79% support the current private credit bureau system
- Most consumers believe that the credit bureaus are doing a good job to serve consumers and lenders and do not trust the federal government to manage credit reporting more fairly or more effectively than private credit bureaus.
- 72% believe bureaus are doing a good job
- 64% don’t believe that the government will manage credit reporting more fairly
- 75% believe that government programs like the public credit reporting agency are prone for fraud and abuse
- When it comes to their personal financial information, most Americans (76%) are uncomfortable giving the government access to that information.
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