Research* by leading online credit information provider, Equifax, has revealed that over a third of consumers surveyed had been turned down for a new credit card and 27% of those thought it was because they had a poor credit rating. With credit scores still playing a crucial role in consumer lending, Equifax is urging consumers to review their credit rating to ensure they are in the best position when applying for new credit - whether it be a really good deal on a credit card or line rental for a mobile phone.
"Lenders make checks with credit reference agencies to see whether an applicant has kept up to date on repaying their credit" explained Neil Munroe, External Affairs Director, Equifax. "They also use a ‘credit scoring’ system to decide whether on not to lend to consumers. So it’s vital consumers keep up to date with repayments and ensure their rating is in top condition."
"Having several credit cards with high limits and missing repayments can be cause for concern for lenders. Such discrepancies can result in an individual’s score deteriorating and them, therefore, being unable to obtain new credit."
"However, not all is lost for consumers who score poorly. At www.equifax.co.uk we offer online advice to people looking to improve their overall credit score. After all, it could be something as simple as not being registered to vote which is affecting their score. But even if it is something more serious, our expert advice is available to help consumers get back on track."
Equifax recommends that anyone planning to make a new credit application obtains a copy of their credit file so that they can see exactly how their address is shown. This is how it will be checked by lenders. And if they believe the address is not properly presented, they can ask the credit reference agency to take this up with the lenders and the local authorities.
The Equifax Credit Report, with the facility to access credit information for the first 30 days free, is accessible simply by logging onto www.equifax.co.uk. Designed to help individuals understand their credit file and see what lenders see to assess new credit applications, the Equifax Credit Report also includes expert tips and advice to help consumers take the right steps to manage their finances and navigate through life's challenges.
If the customer does not cancel before the end of the 30 Day Free Trial, the service will continue at £6.99 per month, giving them unlimited online access to their credit information and weekly alerts on any changes to their credit file. It also includes an online dispute facility to help them correct any errors on their credit file simply and quickly.
* Survey conducted January 2011 of 2,380 Equifax members
For further press information please contact: Louise Fowler, Clare Watson or Wendy Harrison at HSL on 020 8977 9132 / Fax: 020 8977 5200 or Email: firstname.lastname@example.org
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