CHARLOTTE, N.C., Sept. 9, 2020 /PRNewswire/ -- Despite an increase
in credit card fraud attempts during the pandemic, only 33% of
Americans checked their credit reports in the past year. This
represents a drop from 2019, when 39% checked their credit reports,
and 37% in 2018.
This is the third year CompareCards has conducted this survey,
following the massive Equifax data breach that occurred four years
ago.
Full report:
https://www.comparecards.com/blog/just-33-percent-of-americans-checked-credit-reports/
Key findings
- Just 33% of Americans checked their credit reports in the
past year, down from 39% a year ago and 37% the year before.
Most troubling, just 20% of those aged 75 and older reviewed their
credit report in the last year, placing them at an increased risk
of fraud.
- Cardholders are taking fewer actions to prevent identity
theft than they were a year ago — though most claim to be more
diligent about looking for signs of identity theft. Fewer
consumers are checking their credit reports, reviewing bank
statements, changing banking passwords and checking their credit
score in 2020, compared to 2019.
- Nearly 1 in 2 people (47%) with a credit or debit card have
provided their entire Social Security number in an online form in
the past month. When we conducted this survey in August 2019, just 40% had done so.
- 47% of cardholders have been notified that their personal
information was exposed in a data breach over the past year. Of
that group, 14% said it happened more than once.
Cardholders taking less action to prevent identity theft than
previous years
Despite having the ability to check their credit reports for
free once a week since April, just a little over a third of
consumers did so at any time over the past year.
- 41% of cardholders weren't aware they are currently able to
check their credit report for free weekly due to the pandemic.
- However, when informed of this opportunity, 28% of consumers
admitted to not planning to take advantage of this added
allowance.
- When it comes to keeping on top of their credit scores, only
half of credit or debit cardholders check their credit score every
single month, and a third admit that they don't always review their
card or bank statements each month to ensure their accuracy.
- Just 41% of women do so monthly, whereas 59% of men do.
- When it comes to different generations' credit score habits,
Gen Xers are the best about checking their credit score monthly,
followed by millennials.
Pandemic fatigue may be distracting focus from identity
theft
There is a lot to worry about in 2020, between the global
pandemic, economic downturn and rampant job loss.
- Half of cardholders reported feeling more worried about their
personal information being stolen than they were last year, but in
2019, more consumers (58%) were worried about this theft than the
year prior.
- Similarly in 2020, 84% agreed that data breaches are becoming
more common, which dropped from 91% in 2019.
Consumers hesitant about providing personal information
online, but most do it anyway
- Nearly 1 in 2 people (47%) with a credit or debit card provided
their entire Social Security number in an online form in the past
month.
When we conducted this survey in August
2019, just 40% had done so. This increase may have occurred
because of fluctuations in the job market — applying for
unemployment and onboarding at new jobs (while working remotely)
may require submitting a Social Security number in a digital
form.
- 74% of consumers are hesitant to provide their full Social
Security number.
- 49% of people are hesitant to provide the last four digits of
their SSN.
- This concern about providing personal information extends to
addresses (43%), dates of birth (41%), and first and last names
(37%).
- 70% of cardholders with a Facebook account reported opting to
"sign in with Facebook" if given the option rather than creating a
new account on a website, at least some of the time.
Nearly half of cardholders were victims of a data breach
within the last year — here's how to protect yourself
Considering that 47% of cardholders reported that their personal
information was exposed in a data breach over the past year (with
14% experiencing this more than once), consumers may want to take
stronger steps to protect their identity.
- Freeze your credit. With a credit freeze, or
security freeze, you can restrict access to your credit reports and
prevent others from opening new credit-related accounts with your
information.
- Sign up for identity theft alerts. There are a
handful of companies on the market that can provide services for
monitoring identity theft, as well as keeping an eye out for Social
Security number scanning.
- Create safe digital habits. Set calendar reminders
to change important passwords often and learn to recognize the
signs of phishing emails and other online scams.
"People need to remember that nobody cares as much about their
credit and their money as they do," Matt
Schulz noted, Chief Credit Analyst at LendingTree. "So, it's
really important that you take the time to protect your credit, to
protect your vital information and to protect your finances.
Because nobody's going to do it for you."
To view the full report and for more information,
visit www.comparecards.com/blog/just-33-percent-of-americans-checked-credit-reports/.
About LendingTree
LendingTree (NASDAQ: TREE) is
the nation's leading online marketplace that connects consumers
with the choices they need to be confident in their financial
decisions. LendingTree empowers consumers to shop for financial
services the same way they would shop for airline tickets or hotel
stays, comparing multiple offers from a nationwide network of over
500 partners in one simple search, and can choose the option that
best fits their financial needs. Services include mortgage loans,
mortgage refinances, auto loans, personal loans, business loans,
student refinances, credit cards and more. Through the My
LendingTree platform, consumers receive free credit scores, credit
monitoring and recommendations to improve credit health. My
LendingTree proactively compares consumers' credit accounts against
offers on our network, and notifies consumers when there is an
opportunity to save money. In short, LendingTree's purpose is to
help simplify financial decisions for life's meaningful moments
through choice, education and support. LendingTree, LLC is a
subsidiary of LendingTree, Inc. For more information, go to
www.lendingtree.com, dial 800-555-TREE, like our Facebook page
and/or follow us on Twitter @LendingTree.
About CompareCards:
CompareCards' mission is to help
people make smarter, more informed, healthier financial decisions
based on deeper knowledge of financial offers. Each month, over 2.9
million visitors come to CompareCards' website to independently
compare credit cards side-by-side and choose a credit card based on
interest rate, reward benefit, cost savings, and other factors that
are important to each person. CompareCards provides easy-to-use,
objective tools and educational resources that help people do
everything from making credit card comparisons to managing their
credit health. For more information, please visit
http://www.comparecards.com.
MEDIA CONTACT:
press@comparecards.com
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