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 MARCH/APRIL 2003

HOME | CREDIT ARCHIVES

AFSA POLL
Previous Poll Results

How would you rate:
2. Trade publications' coverage of the consumer finance industry?
      Fair 50% 50%
      Excellent 25% 25%
      Poor 25% 25%
 

How would you rate:
1. The mainstream media's coverage of the consumer finance industry?
      Excellent 50% 50%
      Fair 25% 25%
      Good 25% 25%
 

CREDIT REPORTS
When was the last time you checked your credit report?
      Within the last year 55% 55%
      Within the last five years 27% 27%
      I've never checked my credit report 18% 18%
 

OPINION:
Do you think a bankruptcy reform law will be enacted in 2003?
      Yes 59% 59%
      No 41% 41%
 

CREDIT REPORTS
When was the last time you checked your credit report?
      Within the last six months 36% 36%
      I've never checked my credit report 27% 27%
      Within the last five years 27% 27%
      Within the last year 9% 9%
 

Quick Poll
Should firms restrict condensed work week options to proven high performers?
      No 2% 2%
      Yes 2% 2%
 

Bankruptcy Reform
With the bankruptcy reform legislation soon to become law, do you expect to see a spike in personal bankruptcy filings over the next few months?
      Yes 1% 1%
      No 0% 0%
What do you think will be the consumer financial services industry's most significant legislative or regulatory issue in 2006?
      Vehicle financing 1% 1%
      Data security 1% 1%
      Abusive mortgage lending 0% 0%
      Implementation of the new bankruptcy law 0% 0%
      None of the above 0% 0%
Do you think today's financial services customer is comfortable applying for credit online?
      Yes 2% 2%
      No 1% 1%
With the bankruptcy reform legislation soon to become law, do you expect to see a spike in personal bankruptcy filings over the next few months?
      Yes 0% 0%
When was the last time you checked your credit report?
      I've never checked my credit report 1% 1%
      Within the last six months 1% 1%
      Within the last year 1% 1%
      Within the last five years 0% 0%
1) Have you ever bought a new or used vehicle with dealership financing?
      Yes 3% 3%
      No 1% 1%
2. If yes, how would you rate your dealership financing experience?
      Fair 1% 1%
      Good 1% 1%
      Excellent 1% 1%
      Poor 1% 1%
2. If yes, what actions did you take to address the problem?
      Asked for a fraud alert to be placed on my credit file 0% 0%
1) Have you registered your telephone number with the Federal Trade Commission's Do-Not-Call list?
      Yes 1% 1%
      No 0% 0%
Do you think the Fair Credit Reporting Act's provisions pre-empting state law will be given permanent status by the end of the year?
      Yes 1% 1%
Consumers may now receive one free credit report annually. How would you rate the public's awareness level of this fact?
      Very High 1% 1%
      Fairly low 0% 0%
      Fairly high 0% 0%
      In the middle 0% 0%
      Very Low 0% 0%
Now that consumers in all parts of the country may obtain one free copy of their credit report annually, is it more likly that you'll get a copy of your credit report in 2006?
      Yes 2% 2%
      No 0% 0%
1) Are you using credit cards to pay for holiday purchases this year?
      Yes 2% 2%
      No 1% 1%
2. If yes, do you think it's reduced the number of calls you've received from telemarketers?
      Yes 1% 1%
      No 0% 0%
2. If yes, how much do you expect to charge on your credit card(s) during the '03 holiday season?
      More than $300 2% 2%
      $200-$300 0% 0%
      $100-$200 0% 0%
      $51-$100 0% 0%
1) The mainstream media's coverage of the consumer finance industry?
      Excellent 4% 4%
1. The mainstream media's coverage of the consumer finance industry?
      Poor 0% 0%
2. Trade publications' coverage of the consumer finance industry?
      Excellent 4% 4%
      Poor 0% 0%
1) Have you ever been a victim of identity theft?
      No 1% 1%
      Yes 0% 0%
Should Wal-Mart's application for an Industrial Bank charter be approved?
      No 3% 3%
      Yes 2% 2%
      Don't Know 1% 1%
If someone is in the market for a mortgage, should the lender be responsible for determining whether or not a mortgage product is right for the borrower or should the borrower make this decision?
      The borrower 4% 4%
      The lender 2% 2%
Do you think most consumers know they can negotiate their Annual Percentage Rate (APR) when they buy a car or light truck from a dealership?
      No 5% 5%
      Yes 1% 1%
Do you think most consumers who shop for a new or used vehicle realize they can negotiate the Annual Percentage Rate (APR) with the dealership?
      No 3% 3%
      Yes 3% 3%
      Yes,No 1% 1%
Do you think the availability of nontraditional mortgages (i.e., interest only loans, ARMS, etc.) has helped homeownership in the U.S.?
      Yes 5% 5%
      No 3% 3%
      Don't Know 1% 1%
What was the primary way you learned about personal finance?
      The 2% 2%
      At home through parents or other relatives 1% 1%
What do you think will be the consumer financial services industry's most significant legislative or regulatory issue in 2005?
      Bankruptcy reform 5% 5%
      Abusive mortgage lending 1% 1%
      Vehicle financing 1% 1%
      HMDA's new reporting requirements 0% 0%
Who do you think will win this year's presidential election?
      John Kerry 4% 4%
      George Bush 3% 3%
What is the best way to reduce data security breaches?
      All of the above 2% 2%
      Change internal procedures used by companies 0% 0%
      Educate consumers on ways they can reduce exposure of sensitive personal data 0% 0%
How did you finance your most recently purchased vehicle? Did you...
      Pay cash rather than use financing? 1% 1%
      Finance it at a dealership? 1% 1%
      Obtain financing directly from a finance company, bank or credit union? 1% 1%
      Lease your vehicle rather than buy it? 0% 0%
      Other 0% 0%
 

FCRA Provisions

Do you think Congress will extend the date for the Fair Credit Reporting Act's preemption provisions that are due to expire on January 1, 2004?

Total Votes: 25
  No 6 24% 24%
  Not sure 10 40% 40%
  Yes 9 36% 36%

Financial Services in 2002

What do you think is 2002's most significant issue affecting the operations of financial services companies?

Total Votes: 6
  All of the above 1 17% 17%
  Corporate disclosure/consumer confidence in corporations 2 33% 33%
  Rising consumer bankruptcies 2 33% 33%
  The current economy/consumer concerns about unemployment 1 17% 17%

Trade Association Benefits

What do you think is the greatest benefit of belonging to a trade association?

Total Votes: 6
  Networking with peers from other companies 3 50% 50%
  Professional development opportunities 1 17% 17%
  Representation on government affairs, regulatory and legal issues 2 33% 33%

Rise in Personal Bankruptcies

What do you think was the most significant factor behind last year's rise in personal bankruptcy filings?

Total Votes: 6
  Anticipation of changes to federal bankruptcy laws 1 17% 17%
  Job losses/ economic prob- lems 5 83% 83%

Financial Services Online

Do you think consumers are conducting more, less or about the same number of online financial services transactions than they were a year ago?

Total Votes: 10
  More 10 100% 100%

Industry Challenges

What is the biggest challenge facing financial service companies these days?

Total Votes: 10
  Keeping pace with advancements in technology 1 10% 10%
  Legislative/ regulatory issues 9 90% 90%

Bankruptcy Reform

If the pending bankruptcy reform legislation becomes law, what do you think will be the outcome?

Total Votes: 13
  All of the above 4 31% 31%
  None of the above 6 46% 46%
  People who truly need bankruptcy relief will still be able to get it. 3 23% 23%

Supporting Recovery Efforts

What is the best way for financial services companies to support post-September 11th recovery efforts?

Total Votes: 12
  All of the above 5 42% 42%
  Encourage employee volunteerism 1 8% 8%
  Relax payment schedules and waive late fees for directly impacted customers 6 50% 50%

Tell Us What You Think About...
CREDIT EDUCATION

In your opinion, what's the most effective way to increase consumers' understanding of personal finance basics and the importance of responsible credit use?

Total Votes: 12
  Start the process early by offering personal finance education in the nation's schools 12 100% 100%

Privacy Notices

Do you think people are likely to read the annual privacy notices that financial services companies will have to provide to their customers starting July 1st?

Total Votes: 39
  No 36 92% 92%
  Yes 3 8% 8%

Revolutionary Financing Product

In your opinion, what has been the most revolutionary financing product created for consumers in recent history?

Total Votes: 21
  Credit cards 18 86% 86%
  Home equity loans 2 10% 10%
  Other 1 5% 5%

Part 2

In terms of your own company's level of customer service, would you say it is:

Total Votes: 9
  Average 2 22% 22%
  Better than average 4 44% 44%
  Worse than average 3 33% 33%

Consumer Finance Industry

In terms of its level of customer service, would you say the consumer finance industry is:

Total Votes: 19
  Average 1 5% 5%
  Better than average 6 32% 32%
  Outstanding 6 32% 32%
  Worse than average 6 32% 32%

Part 2

Do you think it's possible to have both in 2001?

Total Votes: 20
  No 5 25% 25%
  Yes 15 75% 75%

Financial Services Firms in 2001

In 2001, do you think financial services firms will benefit more from the full tax cut promised by the Bush administration or an easing of interest rates by the Federal Reserve Board?

Total Votes: 32
  Easing of interest rates 24 75% 75%
  Full tax cut 8 25% 25%

The Upcoming Election

Do you think the financial services industry will be better off under a Bush or Gore Administration?

Total Votes: 291
  Bush 134 46% 46%
  Gore 136 47% 47%
  No 6 2% 2%
  Undecided 9 3% 3%
  Yes 6 2% 2%

 
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