Adults urged not to ‘bury their heads in the sand’ over credit score
Consumers have been urged not to “bury their heads in the sand”, after a survey found that 69 per cent of UK adults do not know their credit score.
In response to the YouGov data, Go Car Credit – a bad credit card finance provider – argues this is bad news for a significant chunk of borrowers.
A credit score, also known as a credit rating, is a number that reflects how reliable you are when it comes to repaying money. Banks and other providers look at a person’s credit score when they consider applications for credit cards, personal loans and other financial products.
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If someone’s credit score is poor, they can end up paying higher interest rates on loans or may not be able to borrow at all.
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Go Car Credit is urging consumers to take control of their finances and understand the importance of monitoring their credit regularly.
People can improve their credit score by reducing debt, paying all bills on time, and disputing any errors that are on their credit report, the firm said.
“One of the worst things people can do when it comes to their credit is to bury their head in the sand,” said Hayley O’Connor, marketing manager at Go Car Credit.
“If people check their credit and find out that it’s not as strong as maybe they would have wished, then there are still specialist lenders who may be able to help.”
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