The Money Stop

Twice as many customers are applying for credit reports as six months ago in an effort to understand why they are being refused credit on loans, credit cards and mortgages, according to Experian, the UK’s biggest credit scoring company.

Consumers are becoming increasingly “proactive” in their approach to their finances as they try to maintain a good credit history.

James Taylor from Experian told Fairinvestment.co.uk that “up to 20 per cent of people now check their credit report before applying for credit”, with the majority making use of the internet to do so.

UK consumers’ personal debt now stands at £1.4 trillion, yet many people are ignoring the credit crisis and continuing to acquire more debt as they spend more than they can afford, according to research by CreditExpert.co.uk.

With lenders restricting their criteria, consumers are advised to regularly check their credit reports to help them stay on top of their finances.

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