Friday, May 9, 2008

Credit report requests on hike

According to the recent figures which indicate that consumers are getting aware of the importance of checking their credit profile and rating before applying for credit, with reports that around 20% of consumers now check their credit report before they apply for any sort of finance.

The global credit crunch has resulted in far tighter credit conditions, and many people have found themselves being turned down for finance as a result of this.
As a result of these tighter credit conditions an increasing number of people are checking their reports either before they apply for finance, in order to see whether there are any problems that could hinder them, or after being turned down to check what the problem was.

Officials from the credit reference agency stated that the number of people requesting their credit reports now compared to six months ago had almost doubled.

The agency said: “Up to 20 per cent of people now check their credit report before applying for credit,” adding: “the vast majority use the internet to do so in order to get immediate access to their score, and also to receive alerts if their credit status changes.”

Another official said: “With lenders reacting to the credit crunch by tightening their lending criteria, you can help stay on top of your borrowing and how well you’re managing your finances by regularly monitoring your credit report.”
Checking credit report is not a bad habit but it’s the only factor which really makes things easier for all consumers around the world.

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