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Auto and Home Buyers Underestimate Impact of ID Fraud on Securing Good Interest Rate, Survey Finds
Thursday, February 27, 2014 7:00 AM

Most consumers (89 percent) agree that credit plays an important role when buying a home or a car but only 73 percent recognize that identity fraud could affect their ability to get loans with favorable interest rates, according to a new survey from Experian Consumer Services. In addition, more than half of big-ticket purchasers fail to check their credit at any point in the buying process, which leads to surprises when it comes time to close the deal.

The key highlights of the research include:

  • Many consumers live credit confident: Eighty-two percent of consumers report they feel confident about their credit status — only 14 percent say they worry their credit status might hurt their ability to make a  home or vehicle purchas.
  • Credit affects when and what people buy: Sixteen percent of respondents delay purchasing a vehicle or home in order to improve their credit — 13 percent would purchase a more expensive car or home if they had better credit.
  • Checking credit plays a part in the buying process: Sixty percent of home buyers and 25 percent of car buyers check their credit as part of the purchase process.

For those that check their credit:

  • Thirteen percent were surprised by their credit scores
  • Thirty-six percent said their credit scores were higher than expected
  • Eleven percent report their credit scores were lower than expecte
  • Eleven percent found something negative on their credit report that they did not know about