Clever consumers check their credit reports, says Experian
June 10, 2008 by admin
Filed under News, News-Loans
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.
1 in 10 clueless about their debt
June 5, 2008 by admin
Filed under News, News-Loans
Britain is a nation “in the dark” about its finances, a new report has suggested.
A report published by CreditExpert has revealed that just one in four people can accurately say how much they have left to repay on their loans.
Furthermore, one in ten people are unsure as to their actually level of debt, the study revealed.
The research also highlighted that many Britons are not confident about applying for loans, with more than one in five believing they would be refused credit of £1,000.
Furthermore, four out of ten would not expect to be authorised to borrow £10,000 and 66 per cent of people believe they could not take out a loan of £30,000.
The research follows a further recent study, conducted by Alliance & Leicester which showed that Britons are trying to cut back on their spending and save money in order to improve their financial health as the cost of living rises.
Holidays put Brits in debt
June 1, 2007 by admin
Filed under News, News-Banking
Millions of Brits are happy to put themselves in debt in order to go on holiday.
New research shows that as many as 12 million people borrow money in order to take a break abroad and they end up paying for it well after returning.
CreditExpert.co.uk, an online credit monitoring service, carried out research which found that credit cards, loans and overdrafts are the most popular ways of getting together the money for a trip.
Shockingly, six per cent of respondents admitted to going into debt most or every time they go on holiday, with 18 per cent believing that an annual holiday is so important that they do not think about the money until they return.
Once on holiday things do not get any better, with 22 per cent revealing that they lose track of how much they are spending.
“It’s worrying that, as a nation, many of us have a ‘me now, debt later’ attitude to our finances. Most of us work hard and need a well-earned break, but it’s important that we plan ahead and ensure our bank balance can handle the large outgoings that holidays and other expenses entail,” said Jim Hodgkins, managing director at CreditExpert.co.uk.
“Keeping a budget for the cost of the vacation as well as day-to-day holiday expenses will help you avoid going into debt.
“Missed credit repayments are likely to have a negative impact on your credit report, which means lenders may not want to offer you credit in future,” he added.
People aged between 25 and 34 are most likely to lose track of their holiday spending and 37 per cent say that this is the cause of their debt.
