Q7: What is a credit report?

Demographic and experience categories No knowledge Knowledge unclear Appears knowledgable
All respondents 13.5 ( 0.9) 63.0 ( 1.4) 23.5 ( 1.3)
AGE GROUP      
18 to 24 26.6 ( 4.5) 60.4 ( 5.0) 13.0 ( 3.3)
25 to 34 10.4 ( 1.8) 59.2 ( 3.5) 30.4 ( 3.4)
35 to 44 9.3 ( 1.8) 65.4 ( 3.2) 25.3 ( 3.0)
45 to 54 11.5 ( 1.9) 64.0 ( 3.1) 24.5 ( 2.8)
55 to 64 9.8 ( 2.1) 62.9 ( 3.6) 27.3 ( 3.4)
65 and older 16.3 ( 2.2) 65.4 ( 3.1) 18.3 ( 2.6)
INCOME      
Less than $25000 27.5 ( 2.1) 58.6 ( 2.3) 13.9 ( 1.5)
$25000 to $49999 11.6 ( 2.0) 64.3 ( 3.0) 24.1 ( 2.6)
$50000 to $74999 7.0 ( 1.7) 63.3 ( 3.4) 29.8 ( 3.3)
$75000+ 3.6 ( 1.3) 64.7 ( 3.3) 31.7 ( 3.2)
EDUCATION      
Less than high school 43.5 ( 3.6) 47.3 ( 3.7) 9.2 ( 2.4)
High school 14.3 ( 1.7) 68.6 ( 2.3) 17.0 ( 1.9)
Some post-secondary education 8.2 ( 1.5) 64.0 ( 2.7) 27.8 ( 2.6)
BA or more 7.5 ( 1.6) 61.6 ( 2.7) 30.9 ( 2.6)
ETHNICITY      
White 8.9 ( 1.1) 65.2 ( 1.8) 25.9 ( 1.7)
Black 15.0 ( 2.3) 60.9 ( 3.0) 24.1 ( 2.6)
Hispanic 36.3 ( 3.0) 47.1 ( 3.1) 16.6 ( 2.2)
Other 10.5 ( 4.1) 81.6 ( 5.2) 7.8 ( 3.8)
SEX      
Male 13.5 ( 1.5) 62.8 ( 2.3) 23.7 ( 2.0)
Female 13.5 ( 1.1) 63.2 ( 1.7) 23.3 ( 1.5)
EMPLOYMENT STATUS      
Actively employed (FT or PT) 10.2 ( 1.2) 64.1 ( 1.9) 25.8 ( 1.7)
Student 19.9 ( 6.3) 58.9 ( 8.1) 21.2 ( 6.3)
Not employed (homemaker, retired, unemployed) 18.9 ( 1.7) 60.5 ( 2.3) 20.6 ( 2.0)
Other 15.6 ( 4.2) 67.7 ( 5.8) 16.7 ( 4.7)
GEOGRAPHIC RESIDENCE      
Resident of a free report state (CO, GA, ME, MD, MA, NJ, VT) 10.5 ( 1.9) 62.5 ( 3.0) 27.0 ( 2.8)
Resident of another state 14.0 ( 1.0) 63.0 ( 1.5) 23.0 ( 1.4)
FINANCIAL AND CREDIT REPORT EXPERIENCE      
Obtained a credit report 7.6 ( 0.9) 63.7 ( 1.8) 28.7 ( 1.7)
Did not obtain a credit report 21.6 ( 1.8) 62.0 ( 2.2) 16.4 ( 1.7)
       
Obtained credit score 6.3 ( 1.1) 62.5 ( 2.4) 31.2 ( 2.3)
Did not obtain credit score 17.0 ( 1.3) 63.2 ( 1.7) 19.8 ( 1.5)
       
Disputed information on credit report 7.9 ( 1.7) 62.7 ( 3.2) 29.3 ( 3.1)
Did not dispute credit report information 14.7 ( 1.1) 63.0 ( 1.6) 22.3 ( 1.4)
       
Had an auto or mortgage loan 9.0 ( 0.9) 64.5 ( 1.6) 26.6 ( 1.5)
Did not have an auto or mortgage loan 28.7 ( 2.5) 57.9 ( 2.9) 13.3 ( 2.1)
       
Was a victim of identity theft 11.6 ( 2.6) 64.9 ( 4.1) 23.5 ( 3.7)
Was not a victim of identity theft 13.7 ( 1.0) 62.7 ( 1.5) 23.5 ( 1.3)
       
Obtained credit report due to an adverse action 9.8 ( 2.7) 57.3 ( 5.1) 33.0 ( 4.8)
Did not obtain credit report due to an adverse action 13.9 ( 1.0) 63.5 ( 1.5) 22.7 ( 1.3)

Percent estimates totaling 100% within each demographic and experience category, with standard errors in parentheses
 
GAO-05-411SP Credit Reporting Literacy Survey Data
Full Report: GAO-05-223