Depending on how OCD you might be -
I bought bias type at WalMart (I think the brand name was "Wrights") last winter - soaked it in hot water - and it did shrink about an inch per yard.
I just soaked it and then laid it on a towel to dry. The crease lines were still visible, but "faded."
Actually, I was surprised, because I think the label said it was a cotton/poly blend.
The reason I decided to do this experiment was because I had noticed that baby bibs bound in bias tape tended to cup and were hard/annoying to fold.