A new TransUnion study has found that people who monitor their own credit files open significantly more new auto loans and credit cards, and perform generally as well on those loans as consumers who do not monitor their own credit.
The study found that consumers who monitor their credit in any given credit score range not only open far more new accounts than those who do not, but it may indicate that these consumers recognized the importance of a healthy credit profile; and are actively looking for ways to improve it prior to making new purchases.
TransUnion’s “Impact of Credit Self-Monitoring on Consumer Performance” study revealed that nearly 3.4% of consumers who monitored their credit during the study timeframe opened a new auto loan, while only 1.9% of consumers who did not monitor their credit opened an auto loan. This held true for other credit instruments such as general purpose credit cards, where nearly 6.3% of consumers monitoring their credit opened new credit cards; only 4.3% of consumers not monitoring their credit opened new credit card accounts in the same period.
Source: TransUnion
