Survey Shows Canadian Consumers Not Checking Credit Reports Enough

TransUnion Survey Reveals Greater Need for Consumer Credit Management

TORONTO--(BUSINESS WIRE)-- TransUnion Canada, a leading authority on consumer credit, released the results of a survey today conducted by Roper Public Affairs on the frequency with which Canadians check their credit. The results are sobering. Over half (55 percent) of Canadians say they have not checked their credit in the past year.

TransUnion recommends that consumers review their credit at least once a year or three months before a major purchase to ensure good standing with potential lenders. Checking credit frequently is also a vital first line of defense in combating identity theft. Despite this, only 17 percent of survey respondents reported checking their credit profile two or more times over the past year.

"Reviewing your credit profile is a fast and easy way to ensure that your finances are in order, your credit is safe from identity theft and that you are ready for your next credit or loan application," said Ken Porter, president, TransUnion Canada. "That is why it is troubling to see so many people missing this opportunity -- and why we're so committed to changing the current dynamic."

The TransUnion/Roper survey also found:

Most Canadians Never Check Their Credit Score: Only 36 percent of Canadians report ever checking their credit score.

Younger People More Likely to Check Credit: Canadians fifty and over (29 percent) are significantly less likely to have checked their credit score this past year than Canadians aged 18 to 49 (41 percent).

Children Make a Difference: 42 percent of households with children have checked their credit score over the past year, compared to 33 percent of households without children.

 

 

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