Poll
Are prospective buyers checking their credit scores?
Many potential buyers are in the dark over their poor credit scores until they struggle to secure a mortgage, new research suggests.
Figures from credit card provider Vanquis Bank revealed that one-fifth of people in the UK had been declined credit, with 23% of these being turned down for personal loans and one in 10 being denied a mortgage.
Despite so many being unable to secure credit, the independent survey of 2,000 people showed that 43% of respondents admitted they had never checked their credit score, with this number increasing to over half (53%) of 25- to 34-year-olds.
One in 10 respondents only realised they had bad credit when they got turned down for a mortgage.
Sion O’Connor, marketing director at Vanquis, said: “It’s so surprising that 43% of adults confessed to having never checked their credit score, despite the fact that a credit rating dictates a large part of our lives.
“Building a good credit rating is important to be able to borrow money for the important things we want in life, like a mortgage to buy a property of our own.
“It’s concerning that so many people get to the point of applying for a mortgage before they even know there is a problem.”
In February, specialist lender Equifinance revealed that soaring numbers of county court judgments had significantly altered its customer profile.
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