22 September 2006
Equifax, the instant online credit information provider, has commented on how credit searches affect borrowers' credit ratings.
Neil Munroe, Equifax external affairs director, said it was important for consumers to ask themselves the correct questions before they make a decision on a credit agreement.
Asked about whether more people should be aware that they can obtain a written credit rating, Mr Munroe said his organisation had been campaigning "over the past four or five years to make people aware of the information we hold on them and the impact that has on them getting credit because of their credit rating".
He added that it would also be sensible for lenders to do more to highlight the negatives of failed or repeated credit applications.
Mr Munroe said that consumers could rebuild their credit rating over a period of time. He stated: "You certainly can but it may take a while. It very much depends on what is causing your credit rating to be low in the first place.
"It takes less time to rebuild a rating that has seen one or two missed payments as compared to someone who has been declared bankrupt or has a county court judgement."
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