Is a chequered credit history ruining your financial future?
New research undertaken on behalf of
www.MyCreditZoo.co.uk highlights just how important a person's
credit rating can be, and how a bad credit rating can dramatically
affect their financial future.
The research shows that anywhere between 40,000 and 70,000 County
Court Judgements (CCJs) are registered every month throughout the
UK. CCJs can be used by financial organisations to assess an
individuals' credit history for up to 6 years from receipt, and
significantly affect an individual's future credit rating. Nearly 1
in every 25 individuals in the UK has a CCJ against their name, and
over the last 6 years, 4.6million CCJs have been registered.
A bad credit rating can substantially affect the deals on offer
when an individual is looking for credit - whether it be a credit
card or loan. According to the research from www.MyCreditZoo.co.uk,
Interest rates can vary from as little as 5% to as high as 30%,
dependant the individual's credit rating. Even more surprisingly,
high street banks regularly turn down as many as 6 out of every 10
of their own customers for credit, based on their credit rating.
And a further 7 out of every 10 initial credit applications are
declined by lenders every day.
However, help is at hand. Consumers now have access to their
credit rating and are able to find out which financial companies
are likely to lend to them based on their personal circumstances
and which interest rates they should expect to be offered. Even
consumers without a perfect credit history are still able to access
credit facilities from selected lenders. By using
www.MyCreditZoo.co.uk, these consumers can quickly identify which
credit providers are able to help and at what level of
interest.
www.MyCreditZoo.co.uk takes the sting out of applying for credit -
consumers can avoid the often frustrating and time-consuming
approvals process. The free service works by asking consumers a
number of personal questions and assigns them with their credit
rating based on their responses. Using this information,
www.mycreditzoo.co.uk instantly lists which credit card or loan
companies and exactly which brands are most likely to accept a full
application and allows users to click directly through to apply
online, and avoid wasting time applying for products which they
will automatically be declined for based on their credit rating.
Using www.MyCreditZoo.co.uk also allows consumers to access the
most relevant APR for their personal credit rating, so that they
can get the best possible deal on the credit and loan offers they
apply for.
www.MyCreditzoo.co.uk aims to help promote the responsible use of
credit. Therefore the service provides full details of each product
including interest rates, fees special terms and the all important
'small print', so consumers can be better informed before they make
a credit decision.
The service also enables consumers to access sister company
Callcredit's www.MyCallcredit.com to view their full credit history
online, for a one-off fee - so that users can instantly see what is
affecting the financial offers they receive. With identify fraud on
the increase, many consumers find peace of mind in regularly
viewing their credit report and monitoring their current credit
status.
John Dobson, Managing Director at EuroDirect
says:
"Many consumers are unaware of how a bad credit rating can impact
on their ability to get credit and how much it will affect the
interest rates of financial products offered to them.
www.MyCreditZoo.co.uk gives you an insight into your own credit
rating so that you can use it to your advantage, reducing the time,
effort, embarrassment and frustration often experienced by many of
us when applying for credit."
"www.MyCreditZoo.co.uk puts the power back in the hands of
consumers - they can not only instantly identify which cards and
loans they are likely to be accepted for and choose from the best
offers available, they can also take the process a stage further by
viewing their actual credit report."