Credit Cards -
Credit Checks On The Up - 11/05/2008
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The National credit reference agency has revealed that twice as many people now apply for copies of their credit history compared to six months ago as consumers attempt to keep their finances in order during the credit crunch.
This increase comes in the wake of a growing number of consumers being refused credit for mortgages, loans and credit cards. The statistics show that 20% of clients often request their past history before applying for credit or after being rejected.
The report goes on to state: “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, 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.”
Consumers are being urged however to check their history before applying for credit to be sure that they wont be turned down. Financial services provider Fool.co.uk warns that unsuccessful applications count against future credit references, so it’s imperative that a prospective client is almost certain before going ahead.
This warning comes on the back of a recent figures that show an average of 18,000 credit card applications being rejected every day for the last six months.
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