Credit file knowledge better than anticipated

According to Motley Fool research, 44 per cent of people know their credit file content, but, it adds, 41 per cent have never checked their files.

“While many people are unaware of their credit histories, many others are on top of their finances – something that is not often reported in the press,” commented Neil Faulkner, a personal finance writer for The Motley Fool.

Personal credit scores are used by lenders to assess whether to give someone a loan and are affected by any history of bankruptcy, bad debt or even late payments to credit cards.

Mr Faulkner said that those with good credit ratings typically get offered lower interest rates on loans and more credit, so he urged people to check their credit score to see if it can be improved.