Two fifths of adults aware of credit record

As many as two out of every five adults in the UK remains up-date on the contents of their credit files claims a new survey.

Almost the same number remain clueless about the information that credit providers hold on them, however, claimed the Motley Fool poll.

Knowing your financial score is critical when you compare loans, as the advertised best rate will only ever be available to those with a high score.

“This indicates that the media may have overreacted slightly when assessing the nation’s financial health,” said Neil Faulkner of Motley Fool.

“While many people are unaware of their credit histories, others are on top of their finances ñsomething that is not often reported in the press.

“Just one or two late payments or fines can have a significant affect on your credit rating.

“If you want access to the cheapest loans and a substantial amount of credit, you should be sure to check your credit report regularly to see where it can be improved.”

Unknowingly holding a poor credit record can lead to a vicious circle as each credit refusal continues to tarnish your file further.

© Adfero Ltd

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