Consumer Demand For Credit Reports On The Rise

Fri, 18 Apr 2008

An increasing number of Brits are applying for a copy of their credit report as the amount of people being refused credit on loans, credit cards and mortgages continues to rise.

According to Experian, the UK's biggest credit scoring firm, the number of consumers applying for a copy of their credit report has doubled since November, with many Brits now learning the importance of keeping their credit history clean.

Speaking to finance website Fairinvestment.co.uk, Experian member James Jones said: "Up to 20 per cent of people now check their credit report before applying for credit and 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."

A tightening of criteria and reduction in borrowing levels by UK lenders - causing a drop in the number of successful home loan applicants – led to Experian suffering a 20 per cent fall in revenue generated from mortgage checks by US and UK companies .

Although company shares have recovered since the credit crisis began last summer, industry experts still warn that Experian could be facing a very uncertain future as credit markets show little sign of improving.
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