CreditExpert warn against credit ignorance

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CreditExpert warn against credit ignorance

Thu 24th Aug 2006

The online credit monitoring service CreditExpert is warning consumers not to ignore potential credit rating problems.

With consumer debt now totalling an average of £23,000 per adult, there are concerns that some people are still unaware of how a low credit score could impact on their financial lives.

Credit scores are used by lenders to assess the potential risk of providing products to customers and credit reports can be a vital tool in avoiding identity fraud by revealing if anyone else is borrowing using stolen details.

However, a recent survey by CreditExpert revealed that 95 per cent of people admit to never having checked their report despite two-thirds of people having some form of debt.

Jim Hodgkins, managing director of CreditExpert, said: "Credit scores change as your credit history changes – and you can’t estimate your current position unless you know your credit history."

He added: "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."