The information held on your credit report can dictate where you can live, whether you get the best rates for loans, credit cards and mortgages, and even if you’ll be offered a job.
However, access to this personal information costs money and our research shows and estimated 15 million people across the UK have never checked their credit report.
To raise awareness of the importance of credit reports we have launched the ‘It’s my report’ campaign today. The campaign aims to empower consumers to be able to make better choices about their borrowing and managing their credit.
What is the campaign calling for?
The campaign has three main aims.
- Free access to full credit reports once a year. This allows people to check everything is correct and fix any errors.
- Make it mandatory for a person to be given the specific reasons why credit was refused. This will make it easier for people to repair their credit and get their finances back on track.
- A standardisation of the credit score scale used in the UK. This makes the implications of credit scores clearer and empowers consumers to understand whether or not they are eligible for credit.
Why are we campaigning for this?
Our research shows that credit reports are poorly understood and we think something needs to change. David Mann, Head of Money at uSwitch.com, explains:
“The mystery surrounding credit reports is causing millions to miss out on the best financial deals and in some cases their dream home or job.
“Consumers are flying blind, unaware how lenders are arriving at critical decisions about them and lacking the ability to do anything about it. We believe this is grossly unfair.
“The UK economy may be improving, but total personal debt has reached record levels. Consumers are walking a tightrope, trying to balance rising living costs with stagnant wages and many are relying on debt to make ends meet. They need all the help they can get, and information is power.
“All consumers should have free access to their own personal credit report – not only to view it, but to check it thoroughly and correct any errors.
“That’s why we are launching ‘It’s My Report’ so consumers can regain control of their own information and take action where needed to ensure they always get the best possible deal.”
How to get involved
To learn more and join the campaign visit the It’s My Report campaign page.