17 Jul 2012

MAKE THE MOST OF GREAT CAR DEALS WITH MAKE THE MOST OF GREAT CAR DEALS WITH A STRONG CREDIT REPORT

MAKE THE MOST OF GREAT CAR DEALS WITH A STRONG CREDIT REPORT

www.equifax.co.uk

London 17th July 2012 - The new 62 registration plate will hit the roads on 1st September and Equifax, the online credit information provider, is advising budding car buyers who are looking to take out finance to fund the purchase to make sure their credit status is looking its best.

“To be eligible for one of the many attractive finance deals that are currently available it is essential that you ensure your credit history is in the best possible shape that it can be.” confirms Neil Munroe, External Affairs Director at Equifax.

Lenders make checks with credit reference agencies to see whether an applicant has kept up to date on repaying their credit. Lenders also use a "credit scoring" system to decide whether or not to lend to consumers - and in some instances - at what price. Therefore, the better an individual’s credit score, the better the rate they may get, helping them take advantage of the best deals.

“We think it’s really worthwhile obtaining a copy of your credit report before you apply for finance and if you are out and about, it can be easy done through the Equifax app,” concludes Neil Munroe. “That way you can make sure your credit status is looking its best before you make an application. And the better your status, the better finance or loan deal you should be able to negotiate.”

EQUIFAX TOP TIPS TO ACHIEVE A GOOD CREDIT SCORE

  • Ensure you are registered on the Electoral Roll.
  • If possible make more than the minimum payment on credit agreements every month. This will build a positive payment history.
  • If you have paid any County Court Judgments, make sure the settlement is recorded on your credit file.
  • If you have been refused credit, obtain a copy of your credit report. DO NOT carry on applying elsewhere.
  • If your circumstances have changed then say so. You can place a Notice of Correction on your credit file explaining your financial situation
  • Avoid carrying a balance that is more than 30% of your credit limit (creditors may view it as excessive debt and that you may not be able to keep up with repayments).
  • Close it down - Make sure any accounts you don’t need or use are closed

The Equifax Credit Report is accessible for 30 days free simply by logging onto www.equifax.co.uk. If customers do 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.

The Equifax app is available free from the Apple iTunes Store on iPhone and iPad and from Google Play for Androids.

ENDS

For further press information please contact: Louise Fowler, Clare Watson, Cecile Stearn or Wendy Harrison at HSL on 020 8977 9132 / Fax: 020 8977 5200 or Email: louise@harrisonsadler.com

About Equifax

Equifax is a global leader in consumer, commercial and workforce information solutions, providing businesses of all sizes and consumers with information they can trust. We organize and assimilate data on more than 500 million consumers and 81 million businesses worldwide, and use advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers.

Headquartered in Atlanta, Equifax operates or has investments in 18 countries and is a member of Standard & Poor’s (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. For more information, please visit www.equifax.com.