Contenu connexe Similaire à How do consumers feel about alternative credit data? (20) How do consumers feel about alternative credit data?1. ©Experian1
Alternative Data Consumer Study
2018
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2. ©Experian2
Headlines
1. Most consumers are willing to share additional financial information if it
means they would increase their chances for loan approval or improved
interest rates.
2. Half of consumers want utility payment history evaluated as part of their
credit history.
3. Over half of consumers believe adding this data would have a positive impact
on their credit standing.
4. Almost half of consumers believe they are a better borrower than their credit
score represents.
5. 71% of consumers checked their credit score within the past 12 months
6. 75% of consumers strongly agree/agree know the steps required to improve
their credit score.
3. ©Experian3
Attitudes toward credit & sharing financial data
55% of consumers believe allowing digital access is more convenient than
hard copy
60%
47%
29%
55%
I think my credit score accurately represents my
creditworthiness.
I believe I am a better borrower than my credit score
represents.
Allowing lenders to digitally access my financial data (e.g.
bank statements, paystubs) is more secure than providing
hard copy documents to my lender.
Allowing lenders to digitally access my financial data (e.g.
bank statements, paystubs) is more convenient than to
collecting hard copy documents and providing them to my
lender.
Allowing lenders to digitally access my
financial data (e.g. bank statements, paystubs)
is more convenient than collecting hard copy
documents and providing them to my lender.
Allowing lenders to digitally access my
financial data (e.g. bank statements, paystubs)
is more secure than providing hard copy
documents to my lender.
I believe I am a better borrower than my credit
score represents.
I think my credit score accurately represents
my creditworthiness.
Q14 Now, we would like to better understand your attitudes toward credit and sharing financial data. For each of the statements below, please rate your level
of agreement.
Results based on general population survey. N=540
4. ©Experian4
Q14 Now, we would like to better understand your attitudes toward credit and sharing financial data. For each of the statements below, please rate your level
of agreement.
Results based on general population survey, plus oversample. N=646
Attitudes Toward Credit & Sharing Financial
Data
%Strongly Agree/Agree
Age Group
Gen Z
(18-21)
n=100
Gen Y
(Young)
(22-28)
n=46
Gen Y
(Older)
(29-35)
n=90
Gen X
(36-50)
n=135
Boomer
(51-70)
n=175
Silent
(71+)
n=100
I think my credit score accurately represents
my creditworthiness.
44% 54% 50% 54% 67% 81%
I believe I am a better borrower than my
credit score represents.
46% 63% 44% 51% 47% 35%
Allowing lenders to digitally access my
financial data (e.g. banks statements, paystubs) is
more secure than providing hard copy
documents to my lender.
38% 37% 32% 33% 23% 16%
Allowing lenders to digitally access my
financial data (e.g. banks statements, paystubs) is
more convenient than to collect hard copy
documents and providing them to my lender.
57% 61% 57% 58% 50% 54%
Attitudes toward credit & sharing financial data
by generation
5. ©Experian5
Types of alternative data consumers are willing to share
Among renters two-thirds would be willing to share rental payment history
13%
13%
15%
30%
38%
41%
44%
50%
51%
54%
55%
Money Transfer History
None
Payday loan/Cash Advance
Retirement Accounts
Rental Payment History
Cell/Mobile Phone History
Insurance Information
Checking/Savings Acct
Tax Returns
Utility Bill Payment History
Paycheck StubsPaycheck Stubs
Utility Bill Payment
Tax Returns
Checking/Savings Accounts
Insurance Information
Cell/Mobile Phone Payment
Rental Payment History
Retirement Accounts
Payday loan/Cash Advance
None
Money Transfer History
Paycheck Stubs
Utility Bill Payment
Tax Returns
Checking/Savings Accounts
Insurance Information
Cell/Mobile Phone Payment
Rental Payment History
Retirement Accounts
Payday loan/Cash Advance
None
Money Transfer History
Q14 If you were making a purchase such as a home or car, what information would you be willing to share if it meant that you may improve your chances for
approval or qualify for a lower interest rate? N=540.
Renters = 181
6. ©Experian6
Likelihood to share
71% of consumers are likely to share more financial information if it
increased chances for credit approval
Likelihood to share more financial information if
it increased chances for credit approval
4%
5%
21%
41%
30%
Extremely Unlikely
Somewhat Unlikely
Neither Likely nor
Unlikely
Somewhat Likely
Extremely Likely
Type of financial
information would share
13%
13%
15%
30%
38%
41%
44%
50%
51%
54%
55%
None
Money Transfer History
Payday loan/Cash Advance
Retirement Accounts
Rental Payment History
Cell/Mobile phone history
Insurance Information
Checking/Savings Acct
Tax Returns
Utility Bill Payment History
Paycheck Stubs
Extremely Likely
Somewhat Likely
Q16 If you were making a purchase such as a home or car, what information would you be willing to share if it meant that you may improve your chances for
approval or qualify for a lower interest rate? N=540
Q20.If sharing additional financial information (e.g. bank account, utility payment history) with a lender increased your chances for approval or improved your
interest rate for a mortgage or car loan, how likely would you be to share the additional financial information? N=540
Paycheck Stubs
Utility Bill Payment
Tax Returns
Checking/Savings
Accounts
Insurance Information
Cell/Mobile Phone
Payment History
Rental Payment History
Retirement Accounts
Payday Loan/Cash
Advance
Money Transfer History
None
Neither Likely nor Unlikely
Somewhat Unlikely
Extremely Unlikely
7. ©Experian7
Information evaluated in credit history
Half of consumers indicated they would want their utility bill payment
history evaluated in their credit history
12%
12%
22%
24%
30%
35%
37%
38%
38%
39%
50%
Money Transfer History
Payday Loan/Cash Advance
Retirement Accounts
None
Insurance Information
Rental Payment History
Tax Returns
Cell/Mobile Phone Payment…
Paycheck Stubs
Checking/Savings Acct
Utility Bill Payment History
Q17. Below is a list of financial information that may or may not be listed on your credit report. Please indicate what information you would want evaluated in
your credit history? N=540
Utility Bill Payment History
Checking/Savings Accounts
Paycheck Stubs
Cell/Mobile Phone Payment
Tax Returns
Rental Payment History
Insurance Information
None
Retirement Accounts
Payday Loan/Cash Advance
Money Transfer History
8. ©Experian8
Impact of additional reporting on credit report
62% of consumers believe reporting additional financial information would
have a positive impact on their credit report
62%
32%
6%
Positive Neutral Negative
Impact consumers believe this would have on
their credit standing
Q18. If this data was reported, what impact do you believe this would have on your credit standing?
Rebased. N=551
9. ©Experian9
Credit score assessment
75% of consumers strongly agree/agree know the steps required to
improve their credit score.
Q19. Please rate your level of agreement. I understand the steps I need to take to improve my credit score.
Q24. When was the last time you checked your credit score?
N=540
2%
3%
20%
32%
43%
Strongly Disagree
Disagree
Neither Agree nor
Disagree
Strongly Agree
Agree
71%
of consumers
checked their
credit score
within the past
12 months
Agree
Strongly Agree
Neither Agree nor
Disagree
Disagree
Strongly Disagree
10. ©Experian10
Methodology
• Online quantitative survey on nationwide general population sample of U.S.
consumers balanced by census regarding awareness, usage and attitudes
regarding alternative data.
• Survey fielded between March 13 – March 19, 2018
• 646 qualified and completed entire survey.
• General population sample. N=540
METHODOLOGY