Consumers score badly with credit knowledge
Sep 22, 2006
Despite consumer debt reaching the equivalent of nearly £23,000 for every British adult, 95 per cent of people have never checked their credit report, credit referencing agency CreditExpert claims.
Credit reports affect a consumer's credit score, which is often used by lenders, along with other information such as application information, when determining whether to grant a loan and how much interest to charge. The average credit score for UK consumers checking their reports is currently 763 out of 1,000, a study from the agency revealed, which represents a moderate risk to lenders.
Credit scores can be affected by factors such as missing a repayment, identity theft or being financially associated with someone they used to live with, CreditExpert said.
"Because all of these factors and more are taken into account by lenders, it's in your interest to check all the details of your credit report and find out how to improve your credit score so that you get the best value for money when you take out a loan" said the company's managing director.
The study revealed that of those who have checked their credit score with the agency, men have a slightly better credit score, with 63.1 per cent scoring 721 or more, compared to 59.4 per cent of women.
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