What Percentage Of Millenials Have NEVER Checked Their Credit Reports?

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Jun 01, 2015
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Credit Scores, Question of the Day, Research, Identity Theft, Current Events, Credit Reports

Answer:  41%.

From The Consumerist;

A new survey from Bankrate.com found that more than one-third of American adults – roughly 35% – have never requested their credit reports.

When it comes to not checking credit reports, both millennials and older consumers were the most likely culprits. Nearly 44% of senior citizens (those 65 years of age or older) report they have never checked their credit reports, while 41% of consumers ages 18 to 29 have never reviewed the records.

I am reminded in looking at these statistics that millenials to date have proven to be credit averse. Ask your students to develop a list of the benefits of checking their credit reports at annualcreditreport.com (be sure to let them know that this is a free service.

In checking my credit reports recently, I was happy to see a screen that gives consumers the choice to request their FREE reports from one, two or three of the credit bureaus (Experian, TransUnion, Equifax).  By requesting a report from one credit bureau every four months, a consumer would have more frequent visibility into their credit health.  I also was happy to see that this process took no longer than 2-3 minutes to receive my report.  As I posted earlier, given the incidence of the theft of minor identities, you should start getting into the habit of checking credit reports several years prior to turning 18.

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Check out the NGPF Activity in which students calculate credit scores to hypothetical college students.

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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