Crunch signals increased bad credit awareness
The availability of cheap loans and credit have made a sharp exist from many British lenders product portfolios, which one firm believes has signalled a prime time for consumers to start taking their credit rating more seriously.
According to the UK’s leading loan, mortgage and credit card comparison site, a national tightening of credit criteria should spur a number of British consumers to review their credit profile, and repair any holes that they may come across.
One of the countries main credit reference agencies has reported an almost 50% rise in demand for use of its credit reporting service, where as the site responsible for the report has also witnessed a 400% rise in demand for its own similar partnership service.
In essence, a bad history of credit arising from missed payments and/or CCJ’s can ultimately lead to a higher propensity for rejection. The site has suggested that borrowers should thoroughly check their records, as in many cases, instances of poor credit conduct can be inaccurate. The site has also advised consumers to avoid making many different applications at the same time, as a series of consecutive searches may also have an undesired effect.
