Survey of Americans’ Attitudes Toward the Credit Reporting Industry, “Risk-Based” Pricing and a Public Credit Bureau

A new CDIA-Ipsos poll finds that a majority of Americans not only hold a favorable opinion of credit bureaus, but also believe that the credit bureaus are doing a good job to serve consumers and lenders. Most Americans also support the use of “risk-based pricing,” have a favorable opinion of credit bureaus and believe that credit reporting is critical to a healthy economy.

Conversely, Americans believe that a proposed government-run public credit reporting agency is prone for fraud and abuse, and uncomfortable giving the government access to their personal financial information. Nearly three in four are uncomfortable expanding the government’s role in lending decisions.

TOPLINE FINDINGS

  • 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.

 

Contact: Stefani Alexander, stefani@curleycompany.com

Media Inquiries: Amanda Crane, amanda@curleycompany.com