More consumers 'are checking their credit scores'
Published On 17 March 2008
Consumers are increasingly checking their credit report before applying for things like credit cards and mortgages, a consumer group has claimed.Experts at moneysupermarket.com said that the tightening of lending conditions meant that consumers were increasingly realising that an up-to-date credit report was useful before looking for a new mortgage, loan or credit card.
Tim Moss, head of debt at moneysupermarket.com, cited figures from credit agency Equifax that showed that there has been a 45 per cent increase in people checking their profile in January and February.
He explained: "People are really becoming aware of the importance of a good credit score.
"A fair or poor credit profile can make obtaining credit for everything from mobile phone contracts to mortgages much harder.
"Those that are accepted are likely to be offered a poorer rate."
In addition, Mr Moss stressed the people looking for new credit cards should not simply apply for a large number of cards. He stressed that a "scattergun approach" would "show up on your credit profile and may lead to some lenders refusing you credit".
