Credit referencing ‘peaks in December’

Those looking to compare credit cards and find the best rate for their finances may want to ensure that their personal details are up-date on the electoral roll.

And according to Callcredit, checks for credit referencing “peak in December” so if your details are not updated or are incorrect, this could potentially slow down the process and delay the loan, credit card or mortgage that is being applied for.

However, Callcredit states that electoral roll data, which is “the cornerstone of identity verification” in the credit check process, has already been entered into its online database meaning that up-date information is quickly available for businesses.

Credit check requests may rise in December during the run-up to Christmas, when many consumers spend more on presents, gifts and assorted festive items.

Recent research from the Morgan Stanley Card Index discovered that shoppers across the UK plan to spend £1,270 each this Christmas, compared to £940 last year.

© Adfero Ltd

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