Credit ratings are confusing, says Credit Expert

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Credit ratings are confusing, says Credit Expert

Credit ratings are a source of bafflement to many Britons, according to new research carried out by Credit Expert, Experian's online monitoring service.

It appears that misinformation is the leading cause of uncertainty surrounding credit rating and 71 per cent of those surveyed believed the former occupier of their house affected their personal credit - a myth.

Another rumour commonly believed was that friends and family's finances can affect credit rating with almost two thirds thinking this is true when in fact it is not.

The necessity for greater education about credit is underlined by the fact that consumer borrowing in the UK has now hit a record high of £1.2 trillion.

A common misconception is that there is such a thing as a credit blacklist. Nearly half of Britons believe that it exists but in reality, each lender will make their decision relating to the information they receive from a credit report.

Information that can affect a person's credit rating was said by Credit Expert to be bankruptcy, a partner's finances if a joint account is held and past debts.

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