Understanding credit reports ‘crucial’

Borrowers around the country have been advised that understanding their credit reports is an essential aspect of debt management.

Callcredit has asserted that by familiarising themselves with their credit reports, UK consumers are able to take control of their own finances and borrow money in a manner more appropriate for their individual circumstances.

The comments from the credit report provider come as its own research suggested that almost half a million Britons are planning to take out a personal loan in an effort to solve their debt management problems.

Owen Roberts, from Callcredit, said: “Credit reports are important in all our lives but a lot of myths have built up over time.

“Your credit report is an essential tool in managing your finances – the better you understand it the more in control you will be.”

Citizens Advice recently revealed that the early part of a new year is a particularly busy time for its debt advisers around the country.