Credit file advice offered by experts

23/10/2008

Many consumers are missing out on cheaper credit card and home loan deals because they don't check their credit files, Which? has said.

The consumer group released a report today, showing that almost one in six (16 per cent) of members who had looked up their files found them to contain mistakes or anomalies.

These could include incorrect personal details - or even evidence that they have fallen victim to fraud.

In turn, the presence of such information on a credit report can severely affect the likelihood of gaining access to the best-value cards and loans.

Martyn Saville at Which? explained: "Lenders have become more wary about who they offer credit, but checking that your credit files are up to date and accurate before you apply for a mortgage or a loan could improve your chances and ensure that you don't end up out of pocket because of an error."

Kevin Still, EuroDebt director, added: "I would encourage anybody who actively uses credit to apply for their credit file from one or all of the credit reference agencies (CRA).

"The data they hold on you can vary from one CRA to another and it is important to check that the providers of the data, including the companies you have borrowed from, have accurately reported your payment history and personal details. Don't wait to be declined for credit before you do this and be aware that identity theft is becoming an increasing risk for those with a sound credit risk profile."

Equifax, Experian and Callcredit are the three national consumer Credit Reference Agencies and they offer access to your file from £2.00 to just under £6.00, depending on the speed and method of delivery.

Tags; Debt Management and Banking, Young Family Finances, Recent Graduate Debt,

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