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News: Loan applicants 'need to check their credit reports' News: Loan applicants 'need to check their credit reports'

Loan applicants 'need to check their credit reports'

Thu 5 Jun 2008 - Published in Loans

Loan applicants 'need to check their credit reports'

Consumers looking to take out a loan need to make sure their credit reports are accurate and up-to-date, according to Experian.

James Jones said that lenders are increasingly using credit histories not just to decide whether or not to approve an application, but also to decide what rates to charge.

He added: "Clever consumers are checking their credit reports to make sure that all the information is correct."

According to research from CreditExpert.co.uk, many people have low expectations when it comes to being accepted for a loan.

Of those questioned, 23 per cent thought they would be refused a loan of £1,000, 42 per cent did not think they could secure a loan of £10,000 and 66 per cent did not think they would be accepted for a loan of £30,000.

The company also found that only one in four consumers with loans could accurately state how much they had left to pay.