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Survey: Third of borrowers plan to check their credit history at least once a year KXan 36 Daily News

Date: January 28, 2023 Time: 22:31:40

The survey was conducted among 2,500 adult residents of the Russian Federation, who applied for a loan at least once in their life.

A credit history or credit report is a file on a borrower that records all loan transactions: which bank issued it, how much debt there is, and whether the citizen pays on time. Credit histories are stored in special organizations – credit history bureaus. You can get a free credit history at each credit bureau twice a year, while on paper – no more than once a year.

At the same time, in the group of respondents who studied their credit history, 28% checked it for the first time in the current year, 37% – in the last three years, 35% – more than three years ago. In this group, 28% of those surveyed are going to review the quality of their credit history in the future at least once a year, the rest have no such plans.

The reason for requesting your credit report for respondents in this group was the desire to find out about late payments (35%), to exclude the appearance of fraudulent loans in credit history (23%), to know your credit history. rating (18%), curiosity (24%).

In the group of study participants who studied their credit history at least once, about 25% would like to significantly improve its quality. 32% of respondents are completely satisfied with their credit history, the rest of the respondents in the group found it difficult to assess the quality of the credit report.

According to the study, among those who know their credit history, about 46% of respondents are in the age group 35-45 years, 26% – 45-55 years, 21% – under 35 years, 7% – older than 55 years.

Alexander Vasiliev, executive director of ID Collect, a troubled debt recovery service, notes that the survey results reflect a long-term trend toward improving the personal financial literacy of Russian borrowers.

“So, for example, about 25% of respondents who are familiar with their credit history would like to improve it; this number indicates that users understand the importance of credit history quality for overall quality of life. We also see this trend in work with debtors: clients often ask whether it is possible to correct the credit history at the stage of deep arrears,” Vasilyev notes.

Along with the growing interest of consumers in the topic of personal finance, there is an increase in the activity of financial service providers in this direction: now there are many creative projects on financial education, including in the collection market, concluded the senior manager.

Hansen Taylor
Hansen Taylor
Hansen Taylor is a full-time editor for ePrimefeed covering sports and movie news.
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