Equifax: 35% do not know why they were refused credit

Equifax has said “apathy and ignorance” about credit files and their effect has meant people are being declined loans without knowing why.

The credit crunch means less money for lenders to offer customers and more stringent lending criteria has been imposed, resulting in fewer people being able to credit.

However, Equifax has said the criteria have not been made clear to potential borrowers and 35 per cent do not know why they were refused for credit.

Neil Monroe, external affairs director, said lenders have “got tough” on checking credit files and has urged consumers to make themselves aware of their credit rating and reasons for it.

“It is no longer just about how good you are at repaying a debt; lenders are looking at the overall picture and signs of possible future difficulty,” he said.

Those facing debt management issues may be interested in Equifax’s Back to Basics Guide to checking credit files, which looks at areas such as bank accounts, repossessions and county court judgments.

Recently Equifax offered advice on avoiding ID fraudsters.

By Morwenna Kearns

track

Tell others:

shortlink