Moneysupermarket: Good credit scores are essential for 2010

Britons have been advised to monitor their credit ratings, as this will help them ascertain the likelihood of being accepted for financial products.

Head of loans and debt at moneysupermarket.com Tim Moss described credit scores as “the must-have item for 2010”, noting that there are ways for people to make sure these are “as attractive as possible to lenders”.

The organisation has just launched a credit monitoring and identity theft channel that will allow users to track their credit profiles, as well as offering credit reporting and identity theft product comparisons.

“Consumers should remember that being turned down for credit is likely to have a negative impact on your overall credit rating,” Mr Moss said, adding that the tool will help people “find what they need”.

Meanwhile, the Consumer Credit Counselling Service recently introduced a new equity release programme to help older Britons avoid repossession and improve their quality of life.

By Sarah Adie