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Credit Factor Conducted Its Own Research And Found That 21.7% Of Respondents Use Credit Monitoring Service
NEW YORK, NY - December 11, 2003 /Send2Press Newswire/ -- Credit Factor
conducted a new study in credit report industry to find out how popular
credit monitoring is. Credit monitoring is a service which allows the
consumer to track changes in his/her credit report. The respondents have
been offered to answer the following question: "Are you signed up for a
credit monitoring?" About 21.7% of respondents have answered "Yes" and
about 78.3% of respondents have answered "No".
One of five respondents is signed up for credit monitoring. This study
shows that a small part of respondents (21.7%) wants to be alerted, when
their credit reports are modified. A larger part of the respondents
(78.3%) is not interested in such service, but has an interest in the
subject of credit reports. This large part of the respondents would be
better purchasing a single credit report or credit score instead of
credit monitoring because of the difference in product price. The
average price of credit monitoring service is $79.95. The average price
of single credit report is $12.55 and $5.25 for credit score.
Credit monitoring is a subscription service which is provided for 12
months while single credit report is one-time purchase. There are
several types of updates that might affect the consumer's credit report:
personal information, account, public record, inquiry. Personal
information includes the consumer's first name, last name, current and
previous addresses, social security number.
There are several types of accounts: Real Estate (Primary or secondary
mortgage), Installment (Accounts comprised of fixed terms with regular
payments, example: car loan), Revolving (credit card account),
Collection (Accounts that have been sold or transferred to a collection
agency), Other (Accounts in which the exact category is unknown). Public
record is information about legal matters affecting the consumer's
credit, such as bankruptcies, judgments in civil actions, and state or
federal tax liens. Inquiry is a record which contains information about
the company that has requested the consumer's credit report.
Most of these updates will affect the consumer's credit rating in
negative direction. Credit monitoring helps the consumer to be informed
about your credit on daily basis.
To see the results of the voting or to vote please visit:
Source of News:
Credit Factor Corporation
New York Newswire
Safety and Security Newswire
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