The Information Commissioner’s Office (ICO) has recently urged consumers to ensure that their credit reference file or credit report is accurate and up-to-date.
Whilst millions of consumers will try and apply for credit in 2010, some for debt consolidation purposes and others to prop up squeezed disposal income, many will be declined when credit granters check the credit reference agency records.
The ICO has confirmed that it is essential that you make sure the information accessed by lenders is accurate. One of the items recently raised by government ministers has been the issue of duplicate credit searches on your credit file that may have an adverse affect on the credit scoring systems used by the major credit granters.
Under the Data Protection Act every citizen has rights which allow us to obtain and protect our vital financial information.
David Smith, Deputy Commissioner at the ICO, said: “Many of us will be relying on credit to get us through 2010. Out of date or wrong information in your credit file might not only stop you getting the credit you need but could have further damaging or embarrassing consequences. By checking your credit file regularly you can spot anything that’s wrong and act swiftly to correct it. “
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