Subscribe to The Money StopNews Feed

Browse > Home / News, News-Loans / Clever consumers check their credit reports, says Experian

Clever consumers check their credit reports, says Experian

June 10, 2008 by admin  
Filed under News, News-Loans

Leave a Comment

With attractive loan deals becoming increasingly difficult to come by, Experian has offered consumers advice on how to make sure that their applications stand the best chance of being accepted.

According to James Jones, the consumer education manager at Experian, people should take a look at their credit reports before making a loan application to ensure that all the information on them is correct.

“Lenders are using credit histories not only to decide whether to say yes or no to people but also to decide what rates to charge.

“So, clever consumers are checking their credit reports,” Mr Jones concluded.

Research from CreditExpert.co.uk has revealed that many people do not feel confident that they will be successful when making a loan application.

The company’s study found that 23 per cent of those polled believe they will be refused a loan of £1,000 and 42 per cent think they would not be able to secure a loan of £10,000.

Tags:

Related Entries

  • Applications for credit reports rise as customers are refused loans
    • 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
  • Increase in deposit protection planned by government
    • According to a recent report the government is hoping to provide the nation's savers with increased security and peace of mind by increasing protection on deposits that are made into financial institutions. Until last summer
  • 2007 ended with lower lending levels from banks
    • A recent report has shown that there was a significantly lower level of lending to households from banks in the UK during the fourth quarter of last year. The information was released by the Bank
  • Understanding Your Credit Rating
    • A lender is not under any obligation to approve credit for you or to give you a loan. When you apply for credit, lenders look at many different factors in order to determine if you
  • Credit card fraud on the rise, according to Experian
    • Identity fraud, with thieves taking credit card numbers from victims, is on the increase, financial information provider Experian said today.Recent research from the company shows a 69 per cent year on year rise in identity
  • Chip and pin is flawed
    • Chip and pin may not be as safe as we have been led to believe, after researchers managed to locate a weakness.The debit and credit card payment method has long been seen as infallible, but
  • Being added to electoral roll boosts credit rating, expert says
    • Performing simple tasks such as registering to vote for elections can boost customers' credit scores, a financial expert said today.Financial services advisors Experian recommended that customers add themselves to electoral rolls, so that companies can
  • We won’t have cheap credit for ‘a number of years to come’
    • According to a financial analyst, Brits will not be seeing the days of cheap credit "for a number of years to come". Darren Cook, a spokesperson for Moneyfacts.co.uk, said that some experts have predicted the

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!