NAPBS: survey finds young adults don’t check annual credit reports

National Association of Professional Background Screeners (NAPBS), the association cited a survey conducted by the Consumer Federation of America and VantageScore Solutions that shows that millenials — those between the ages of 18 and 34 years of age — do not regularly check their own credit scores, and do not know as much about credit reports, in general, as other adults in the United States. These facts may be cause-and-effect: millenials may have never checked their own credit scores (which can be accessed online for free once per year), and therefore do not understand what information may go into the formulation of a credit score, what organizations provide reporting information, or in which circumstances they may be required to share crediting information with third-party organizations. Individuals may be required to share credit information when applying for a loan, renting an apartment, or looking for employment, as the information contained in the report may be able to indicate whether a person can be considered reliable, or likely to make payments on time. The lack of knowledge about these reports can be an issue when it comes to employers conducting credit report checks. This is because millenials may not understand their rights under the Fair Credit Reporting Act definition, and therefore may not know they have the right to ask for a copy of their own report to ensure accuracy. For that matter, if a millenial has never seen his or her own credit report, how can it be expected the individual will notice inaccuracies, or know how to report them? In addition to employer access, lending institutions are allowed to access credit records — and review the findings with the credit score holder — when an individual has applied for a mortgage, or has been denied a mortgage loan. The study’s findings indicated that large numbers of Americans were knowledgeable about credit reports, but that less than half understood the lender implications. The survey also found that millenials are likely to believe, incorrectly, that credit repair companies can help correct problems and low credit scores. The NAPBS update also included a list of businesses and organizations that have recently been sued over FCRA violations, including Extended Stay America, O’Reilly Auto Parts, TransUnion and Dish Network.]]>

You May Also Like

Check out these additional posts from Mind Your Business.

Is the National Criminal Database Search Enough?

When conducting a background check, the first step is often searching the National Criminal Database. Also known as the Multi-State or the National Search, this search type pulls information from thousands of databases and jurisdictions. It is often the cheapest option and commonly mistaken as the “all-inclusive” background check. Many companies unknowingly rely on only…
Read More

FYI FRIDAYS: What is Live Scan Fingerprinting?

We were able to announce earlier this month that we would offer live scan digital fingerprinting to our clients. MYB has been conducting name-based background checks for over 24 years. This natural progression will allow us to service more industries and provide an all-inclusive background screening service.  It is important to dive further into the…
Read More

Mind Your Business, Inc. Announces Convenient Fingerprinting Program Solutions

Extensive nationwide live scan fingerprinting services provides streamlined solution for MYB customers  March 1, 2021 Hendersonville, N.C. — Mind Your Business, Inc. (MYB), a worldwide leader in background screening, drug testing, EEO investigations, and administrative services is excited to announce the introduction of extensive fingerprinting services to its repertoire of core capabilities. This new service offering will…
Read More

Quality and Precise Results, On Time!

Let us know about your screening needs to get a custom quote. We work with businesses big and small as well as the government. Which means we have a package of solutions for your organization as well.