Overwhelming majority unsure of their credit profile
January 4, 2010
Eighty-six per cent of Australians have no idea what their credit profile looks like, according to a Newspoll survey, conducted for credit reporting and debt collection agency Dun & Bradstreet (D&B).
The Newspoll survey found that 86 per cent of Australians have never ordered a copy of their own credit report, even though they are legally entitled to a copy, while D&B data shows there will be a dramatic jump in the number of consumers contacted by debt collectors in February and March relating to credit they obtained over the Christmas and New Year period.
Dun & Bradstreet CEO Christine Christian believes Australian consumers have been poorly educated and served when it comes to understanding their credit profile and the consequence is credit choices that can have a long lasting negative impact.
“Consumers are generally unaware how their credit report works and have almost no idea about how to get a copy,” said Ms Christian. “This lack of understanding often creates confusion as consumers end up with credit products that are more expensive than they expected but they don’t understand why. Often it’s because of information on their credit report which they could have known about before applying for credit.”