Over the last 12 months, some 3.5 million people have seen their credit applications turned turn.
Within this figure, 1.7 million people were unsuccessful in applying for a credit card, with the same fate befalling 1.5 million loan applicants and 260,700 people seeking mortgage approval.
Matters are made worse by the fact that the average consumer fails to understand how their credit report works.
People in debt who have a history of struggling to meet repayments, or those who have been rejected in the past, could find their credit report hinders them in the future.
Sean Gardner, MoneyExpert.com chief executive, commented: “The days of easy credit are drawing to an end for many people. It is important to understand your credit profile and be realistic about the products that are suitable for you.
“The risk of being declined when you apply for a credit card, loan or mortgage appears to be rising among those applying to the wrong type of lender.”