Loan News Online Credit Reports Beat Fraud

Written by Editorial Team

15 July 2004

New figures show one third of credit savvy consumers are demanding to see their credit score in conjunction with their credit report.

The results from Experian, the UK’s leading credit reference agency, also revealed that consumers are protecting themselves against identity fraud by checking their credit report on a monthly basis.

Experian recently launched the UK’s first online National Credit Score, provided as part of the portfolio of products offered to members of its CreditExpert service.

It allows consumers to check their personal credit score as a number between 0-1000 and their Score category (excellent, good, fair, poor, very poor). These can then be compared to the UK average.

Experian spokesperson, Peter Brooker, said: “We do tend to take credit for granted – for most of us it’s simply an indispensable part of modern life.”

Yet, he continued by pointing out: “But when you consider the average UK consumer is responsible for five active lines of credit at any one time, keeping track of your credit history and understanding the impact or your credit status has never been more important.”

Experian’s service gives members weekly alerts of any significant changes via SMS or e-mail, which acts as an early warning system against identity fraud.

Mr Brooker further advises consumers to: “Think about a financial service or credit deal as you would any other purchase. It makes sense to do your homework, be aware of how credit scoring affects lenders decisions.”

He concluded by saying: “It’s encouraging to see such a positive response to our new services designed to empower consumers with the information and support they need to make more informed financial decisions.”