More consumers are checking their credit

By UK CreditCards.com

A growing number of people are taking advantage of credit report services, a leading credit reference agency has revealed.

cell-phone

Equifax has recorded a year-on-year increase in consumer demand for its services, which give people a clear picture of their financial situation. The company pointed out that checking your credit report can be particularly useful if you wish to gain access to credit products, such as loans and credit cards.

More people seeking credit data
Equifax has revealed that the number of people checking their credit report has increased in recent months. The company offers instant online access to consumer credit files, which can be useful when planning applications for credit cards and other credit products.

"In 2010, we saw sales increase by 129% and that trend has continued into 2011, with sales up again by 149%," said Neil Munroe, external affairs director at Equifax, in a statement.

The credit reference agency has seen significant demand for its £2 service, which enables people to view their statutory credit report online. Mr Munroe also revealed there has been "a 145% increase in people using the 'first month free' service to access their Equifax Credit Report and a huge 237% increase in consumers checking their credit rating."

Why is credit data important?
It is important for people to keep an eye on their credit data, as this can help them to spot any unusual activity and highlight instances of identity theft. Consumers who find an account or entry on their credit report that they do not recognise should contact the relevant organisation to discuss their concerns.

Credit reports are also important for people when they compare credit cards or loans. Card and loan providers use this information to help them decide whether to approve an application, so it is useful for a person to understand how they will be perceived by potential lenders.

"It is encouraging to see that more people are using their credit data, as this will put them in the strongest possible position to manage their finances and get the best deals for their situation," said Mr Munroe.

See related: What to do when your credit card application is declined; Study: Many Brits lack key knowledge of credit scores

Published: 12 September 2011