Keep checking credit report, experts advise

Consumers have been advised by an industry expert to keep an eye on their credit report in the wake of the credit crunch.

Jim Hodgkins, managing director of CreditExpert.co.uk, has said that it is important those who are not debt free closely monitor their credit commitments and their credit files due to the likelihood of rises in repayment sums.

“By checking your credit report regularly and keeping it up to date, you can make sure it reflects you and your financial circumstances correctly,” Mr Hodgkins said.

He added that a credit report can help debt management, highlighting how much needs to be “spent on essentials” and how much is left over for other expenses.

CreditExpert.co.uk has said that with the end of a number of fixed-rate mortgage deals drawing near and five interest rate rises by the Bank of England’s monetary policy committee in the last year, borrowers are seeing higher repayments needed.

The firm is an online credit monitoring service from Experian, with the company also offering an identity fraud protection service, according to its website.