Equifax Reveals It Is Important To Have A Credit Card Report

The consumers should be aware of all pros and cons of the impact of information on their ability to successfully obtain credit.

According to Equifax, economic sector is at declining position currently. Many lenders and financial services providers are planning to access borrowing products. It was reported that despite the continuous force of the credit crunch, many would-be borrowers are not aware of the factors, which may affect their access to credit.

A recent study by the firm revealed that over the last 12 months more than 35% of the people were unaware of the reason for why their application is rejected.

Equifax suggested that would-be borrowers should register on the electoral role, as not doing so could mean that the application is rejected. Any instance of property being repossessed, shared financial documents or a history of remaining in an overdraft on a current account would also affect the credit report badly.

However if the applicant knows exactly what information is mentioned in their credit report, it would enable them to take steps towards obtaining credit in the best possible way. It may increase their chances of obtaining credit cards , loans and other borrowing products successfully.

According to Neil Munroe, external affairs director for Equifax, “Lenders are taking more interest in seeing overall credit status of applicants despite the fact how good you are at repaying your debts. They are exploring future avenues. Therefore, consumers should start taking their credit records seriously as the impact of their credit status would only help them to obtain credit according to their needs and requirements.”

If the incorrect information is found in the file or financial report then consumers should “speak to the credit reference agency to get it corrected”. Mr. Munroe added: “Now, consumers make sure that their credit report should be in a best possible shape”.

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