More people now requesting their credit reports
May 14, 2008
Most people are now aware of the way in which lending conditions have been affected in the UK as the result of the global credit crunch. Lenders are now operating far tighter lending conditions, and are being far more careful about who they lend to and how much business they take on. Whilst those with bad credit have found that the situation is worse then ever when it comes to getting credit, people with decent credit have found that they still have a variety of choice when it comes to getting finance.
With this in mind it seems that more and more people are realising just what an impact their credit report and rating has on their ability to get finance, and as a result of this an increasing number of people have started to request their credit reports. One major credit reporting agency, Experian, has stated that compared to six months ago twice as many people are now requesting their credit reports.
A spokesperson from the credit reference agency said: “Up to 20 per cent of people now check their credit report before applying for credit.” He also said: “The vast majority use the internet to do so in order to get immediate access to their score, and also to receive alerts if their credit status changes.”
Another industry official said that whilst it was a good idea to check reports before applying for credit it was still important that consumers do no take out credit unless they really need it. He said: “Using credit to fund a lifestyle you can’t really afford can lead to huge financial problems.”
He went on to say: “You’ll soon make yourself less financially attractive to lenders and find that you can’t get access to the best possible credit deals. With lenders reacting to the credit crunch by tightening their lending criteria, you can help stay on top of your borrowing and how well you’re managing your finances by regularly monitoring your credit report.”
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Recent additions:
- Spending levels to be slashed by many
- Loans and mortgages still inaccessible due to credit crunch
- Many people could benefit from switching their loan provider
- Banks announce fewer loans will be available in first quarter of this year
- Getting the right bad credit loan
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