The Credit Reporting Agency is set to launch a free online service that allows anyone across the UK to check the information available to lenders regarding their personal credit record.
As it currently stands, people are required to pay an administrative fee to check their credit report, often around £2 per search from each agency. This is to recover information that lenders use to decide on interest rates for loans as well as an individual's suitability for borrowing money.
Charging people to view important information such as this is unfair, said Barry Stamp, managing director of The Credit Reporting Agency.
"This is something that should be free to consumers all the time," he said. "One in three people who consult their credit reference files say that they have found an error in the information held about them, so this is really crucial."
Mr Stamp also added that the system was a good way to combat identity theft: "This is something that needs to be made easier for people to do for that reason alone."
The new service will be available at www.annualcreditreport.co.uk from June 2.To read more about loans, click here.
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