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Check credit file to lower cost of secured loans, consumers advised

Check credit file to lower cost of secured loans, consumers advised

Category: Loans

Updated: 31/10/2008
First Published: 27/10/2008

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Consumers can improve their chances of being approved for a secured loan or credit card by checking their credit file, a study has found.

A survey by Which? revealed that 16 per cent of those that had checked their files found mistakes.

But the consumer organisation notes that these can be corrected simply, potentially saving hundreds of pounds.

And with just one-third of those surveyed ever having checked their credit file, senior researcher Martyn Saville advised people to spend the £6 to ensure their information is correct.

"Checking that your credit files are up to date and accurate before you apply for a mortgage or a loan could improve your chances and ensure that you don't end up out of pocket because of an error," he said, noting that lenders are being particularly wary about providing finance.

Earlier this week Moneyfacts.co.uk called on banks to make borrowing more affordable in light of interest rate cuts.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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