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August 2, 2005 — Consumers' confidence regarding their personal credit situation is anything but static, as illustrated by gains in the latest Experian-Gallup Personal Credit Index. The index - now at 98 - is within 2 points of the initial 100 point reading set in March 2005, and is up 19 points from last month. The latest rise comes at the heels of the six-month low of 79 set in July.
August's 19-point surge was largely driven by consumers' increasing optimism over their ability to handle their monthly bills and maintain a solid credit rating — both now and in the future. The index also reflects renewed confidence in Americans' perceived creditworthiness.
Particularly noteworthy, the index score among respondents earning less than $40,000 per year rose significantly in August to 46, a 29-point rise from July alone - marking the first rise in confidence among this group in months.
The latest Experian-Gallup Personal Credit Index finds that roughly one-in-six American consumers (18%) report being victims of identity theft, with younger adults at greatest risk. 25% of people under age 30 report having their financial information stolen, compared with about 18% of respondents ages 31 to 64, and just 11% of people 65 and older.
The poll also finds some significant regional differences. Only 12% and 15% respectively of people in the Midwest and South report being victimized, compared with 20% and 26% of people in East and West.
Monitoring Your Credit Report is An Important Safeguard Against ID Theft
Given the fact that more than a third of people who have not experienced identity theft say it is at least somewhat likely to happen to them, it is surprising that very few such consumers have taken any safeguards to protect themselves:
- Only 6% have purchased some form of identity theft protection
- Just 4% say they have purchased identify theft insurance and/or checked their credit report to see if they are victims of identity theft.
Overall, only 10% of these consumers have taken steps to protect against identity theft, while only 13% of people who consider themselves "likely" identity theft victims say they have taken any preventive steps.
Americans Are Most Fearful About Online ID Theft
Though few have taken preventive action to avoid becoming a victim of identity theft, 62% are concerned that their financial information could be stolen over the Internet. More than half are concerned that their personal information could be stolen from the mail (55%) or at a retail store (53%), while just under half (47%) fear becoming a victim at a restaurant. Smaller numbers fear identity theft from their garbage (40%), their home (33%), or their work or school (25%).
The public's perception about how many people have suffered identity theft appears fairly accurate. On average, respondents projected that 23% of Americans have been the victim of identity theft — quite close to the 18% figure actually measured by the Experian-Gallup poll.
Be sure to access next month's Experian-Gallup Personal Credit Index to stay on top of changes in Americans' credit perceptions and outlook.
About the Experian-Gallup Personal Credit Index
The Experian-Gallup Personal Credit Index is a monthly survey among a nationally representative sample of 1,000+ respondents, focusing on consumers' ever-changing attitudes and perceptions relating to their current credit situation and future expectations. Specific areas of inquiry include debt load, credit score, borrowing, and repayment ability. The survey's margin of error is +/- 3%.
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Personal Credit Index Rises to its Highest Point in 5 Months
Experian-Gallup Personal Credit Index rises to 98, a 19-point rise since July 2005
- Driven by increasing optimism over Americans' ability to pay bills and maintain solid credit
- For the first time in months, those earning less than $40K per year have become more optimistic about their current and future economic outlook
Americans Are Most Worried About Online Identity Theft
% of Respondents "Somewhat" or "Very" Worried Their Financial Information Will Be Stolen From:
18% of Americans Say They've Been Victimized by ID Theft;
Who Is at the Greatest Risk?
Percentage of Respondents Reporting ID Theft In Selected Demographic Groups
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