Figures released by Noddle show a staggering 55 per cent of consumers have never accessed their credit report
Noddle, the free for life credit report service has revealed that 55 per cent of consumers have never accessed their credit report. Worryingly this not only suggests that consumers aren't taking effective control of their finances and missing out on the best financial deals, but they're also leaving themselves unaware of possible acts of identity fraud.
The research, carried out by fast.MAP*, also highlights that of the 45 per cent of consumers that do check their credit report only a small percentage do so regularly with four per cent checking once a week and eight per cent checking once a month.
With 52 per cent** of all fraud recorded during the first quarter of 2013 cited as being identity fraud, Noddle, which is part of the Callcredit Information Group, is urging consumers to take greater control of their financial future and check their credit report more often to help identify any fraudulent activity.
- 61 per cent of females have never accessed their credit report compared to 49 per cent of men
- 65 per cent of 55-64s have never accessed their credit report
- Only 45 per cent have ever accessed their report
- Only 26 per cent check their report to identify any fraudulent activity
- 41 per cent check their report for only to view their credit rating/score
- 69 per cent (7 in 10 ) said if they had free access to their credit report it would prompt them to access it more often
- 54 per cent of those that don't currently access their report would do so if it was free
Tom Ilube, founder of Noddle, said: "It's surprising to see how many consumers don't check their credit report when it can have such a big impact on their financial future. A credit report isn't just there to show a credit rating or to help financial service providers make better informed lending decisions, it is a consumer's financial passport which can provide other benefits such as getting the best deals and offers on products or services and most importantly can be the first place to identify any fraudulent activity."
The results also highlight that women aren't actively taking control of their finances and that 55-64 year olds could be the subject of identity theft yet never use their credit report to check. On a positive the findings do show that 54 per cent of those that don't currently access their report would do so if it was free, highlighting that the current paid for models don't encourage consumers to take greater control of their finances.
Tom continued: "It's important for consumers to harness the power they have over their credit report and to start making the most out of the opportunities it can open up for them. When we launched Noddle last year our aim was to enable consumers to have unlimited access to the financial information held on them and this is why everyone who signs up to Noddle has access to their credit report free for life."
The findings clearly highlight consumers appear to be unaware the impact their credit report can have on their finances. Whether it's finance to buy a car, renting, applying for a mortgage or a new job, credit card, personal loan, mobile phone contract or opening a new bank/savings account a lender and some employers will check a consumer's credit report.
Since launching in April 2012 Noddle has grown rapidly and is already helping over 300,000 consumers take control of their financial future and save anything from £70 to £180 a year, an overall total saving of £54m a year on subscriptions.
*Research conducted by fast.Map from a sample of 1,536 individuals randomly selected from their Consumer Voice panel. Members are recruited via a number of sources to demographically represent the markets based on age and gender
**CIFAS - Q1 Fraud trends 2013