Callcredit welcomes government rules on personal loans

Wed, 01 Jun 2005

Credit reference agency Callcredit welcomed plans by the government to shake up the rules governing loan agreements.

Callcredit agrees that new rules would provide greater clarity and protection for people taking out personal loans.

Nearly sixty per cent of Britons with unsecured personal loans don't know how much they owe, according to research from Callcredit. Of them, eight in ten say said they were comfortable with not knowing the extent of their debt.

Callcredit director Alison Nicholson said that under the new rules, borrowers would be able to see much more clearly what the total of their personal loans is.

She also said they would be clearer on how long they are committed for repaying their personal loans. This should make it easier for people to manage their credit arrangements.

"This is a welcome step forward in tackling the problem of overindebtedness in the UK," she said.

MyCallcredit provides consumers with online access to the details of their credit file on their website.

Callcredit is the UK's most technologically advanced credit reference agency, providing the market with a comprehensive range of consumer credit information services.

The company is a subsidiary of Skipton Building Society, one of the top ten largest building societies in the UK.

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