Credit history tips given for personal loan customers

Fri, 09 Oct 2009

Consumers looking for a personal loan in the current climate must do what they can to improve their credit scores, an expert has said.

Financial journalist Melanie Wright suggested that Brits take advantage of the Consumer Credit Act, which allows them to see any black marks against their name when they come to take out a personal loan .

Writing for the Times, Ms Wright also recommended registering onto the electoral roll, closing any old credit card accounts even if the balances are fully paid and making sure a personal loan application is likely to succeed before sending one off.

She explained: "Be wary of making lots of applications for loans ... as these will show up on your credit record. Certain websites have online tools available to help ensure you don't end up applying for deals that you won't be eligible for."

The Daily Mail recently reported that personal loan providers such as Tesco, Egg and Marks and Spencer are boosting their rates as they worry about customers not being able to keep up with repayments .
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