Consider credit score when applying for consolidating loans, urges moneysupermarket.com

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Consider credit score when applying for consolidating loans, urges moneysupermarket.com

Financial services customers planning on applying for credit in 2011 should ensure that they fully understand their credit file to get the most out of deals, they have been advised.

Moneysupermarket.com said that getting to grips with a credit file and what it means is essential to getting credit from February, when a new EU directive will come into effect.

The Consumer Credit rules are aimed at bringing the UK into line with the rest of Europe and allow clarity for consumers, but many customers may also find they are not offered the advertised rate when they apply for credit.

"With three million people expected to apply for a personal loan in 2011, it is vitally important to understand your credit file before you apply," said head of loans and debt at the website Tim Moss.

He went on to say that customers may find themselves being rejected if they are not careful.

According to the financial source, the average rate for a personal loan of £7,500 is at its lowest level since November 2008, which could make now the best time to take out a finance deal.

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