Research* by leading online credit information provider, Equifax, has revealed that over a third* (36.8%) of consumers surveyed were turned down for credit in 2011. From mortgages, loans, credit cards, store cards, through to mobile phone contracts, applying for new credit in 2012 could continue to be a challenge for consumers. Equifax is therefore urging consumers to review their credit history before they make an application.
“Lenders make checks with credit reference agencies to see whether an applicant has kept up to date on repaying their credit” explained Neil Munroe, External Affairs Director, Equifax. “So it’s vital consumers keep up to date with repayments to ensure their credit history is in top condition.”
“Having several credit cards with high limits and missing repayments can be cause for concern for lenders. Such discrepancies can result in an individual being unable to obtain new credit.”
“However, not all is lost for consumers whose credit history is not in good health. At www.equifax.co.uk we offer online advice to people looking to improve their credit history. After all, it could be something as simple as not being registered on to vote which is affecting their ability to get credit. But even if it is something more serious, our expert advice is available to help consumers get back on track.”
Equifax recommends that anyone planning to make a new credit application obtains a copy of their credit file so that they can see exactly how their address is shown. This is how it will be checked by lenders. And if they believe the address is not properly presented, they can ask the credit reference agency to take this up with the lenders and the local authorities.
The Equifax Credit Report, with the facility to access credit information for the first 30 days free, is accessible simply by logging onto www.equifax.co.uk. Designed to help individuals understand their credit file and see what lenders see to assess new credit applications, the Equifax Credit Report also includes expert tips and advice to help consumers take the right steps to manage their finances and navigate through life’s challenges.
If the customer does 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.
*Survey conducted amongst 1,341 Equifax Customers in December 2011
For further press information please contact: Louise Fowler, Clare Watson, Tiffany Collins or Wendy Harrison at HSL on 020 8977 9132 / Fax: 020 8977 5200 or Email: email@example.com
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 17 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.
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