Survey Shows More Than Half of All Seniors Have Never Checked Their Credit Report

The nationwide survey of 1,200 Americans showed that 51.4 percent of seniors admitted thatthey have never checked their credit reports.

Orlando, FL, October 9, 2003 - More than half of all those over age 60 (51.4 percent) admitted in a recent national survey they have never checked their credit reports, according to the InCharge® Institute of America, a national non-profit organization specializing in personal finance education and credit counseling, and the sponsor of the nationwide poll. Additionally, 42 percent of 18 to 29 year olds have never checked their credit, as compared to more than one-third (35 percent) of the report_list public.

The nationwide survey of 1,200 Americans, performed in July 2003, was conducted to assist the organization in its effort to educate consumers on the proper use of credit and management of personal debt.

According to a March 2003 study by the AARP, Federal Trade Commission data shows that 22 percent of all identity theft victims are over age 50. Additionally, a disproportionate amount of seniors (51 percent versus 44 percent of the report_list population) reported having their stolen information used to commit credit card fraud. Seniors are therefore disproportionately exposed to risks of damaged credit reports, being rejected for credit, and collection calls on these fraudulent accounts.

"This is truly alarming," says Robert Barrett, president and chief executive of InCharge Institute. "This is just one more example of seniors being victimized, particularly by those who may be more technologically-savvy. At a time when identity theft is considered by the FBI to be the fastest growing crime in America, it is more important than ever to stay on top of this. People simply are not taking this warning seriously."

Rebecca Stiehl, vice president of education for InCharge Institute, urges younger generations to help their parents with the task of checking their credit reports. "Just like we press our parents to go to the doctor, we need to press them to regularly check their credit report. Talk to them about the risks, give them real life examples, and provide them with phone numbers. It's just another way we should be making sure our parents' generation stays safe."

To receive copies of your credit report, contact all three credit reporting agencies:

Equifax: (800) 685-1111, or online at www.equifax.com
Experian: (888) 397-3742, or online at www.experian.com
TransUnion: (800) 888-4213, or online at www.transunion.com

Headquartered in Orlando, Florida, InCharge® Institute of America, Inc. is a national nonprofit organization with affiliates specializing in personal finance education and credit counseling. InCharge® Education Foundation, Inc. publishes YOUNG MONEY® magazine and Military Money® magazine and offers basic financial management education to clients and the general public. InCharge® Debt Solutions provides professional credit counseling and financial education services to consumers and is a member of the Association of Independent Consumer Credit Counseling Agencies (AICCCA).