National Homebuyers: The importance of updating your credit report

A poor credit history can lead to financial difficulties, particularly in today's unfavourable economic climate.

[ClickPress, Tue Feb 12 2008] That is according to credit checking service Equifax, which is urging people to ensure that their credit reports are up to date and accurate.

The firm is particularly encouraging university graduates to do this, as many leave university with large amounts of debt and in severe financial difficulties.

A bad credit rating can affect your ability to get a mortgage or may lead to higher rates on a mortgage, which could lead to further financial difficulties in the future.

"I think there's a growing awareness of it now… People who come out of university will need credit to develop their lifestyles," said Neil Munroe, external affairs director at Equifax.

"I suppose the first thing to do when you come out of university or college, and you're looking at possibly needing credit, is to get a copy of your file and see what's on there," he continued.

According to Equifax, a typical student who started university this year will graduate with £30,000 worth of debt.

Julian King of fast property buyers market leader National Homebuyers adds, "We are seeing a dramatic reduction in the number of people able to get onto the property ladder.

"This lack of buyers continues to pull property prices down as the limited number of buyers are able to command the price of properties. As prices continue to fall across the UK, we are seeing a marked increase in the number of people who are seeking a quick home sale".

Mr King is a director of National Homebuyers and is also a founder member of APBA, the Approved Property Buyers Association, which is calling for government regulation of the Quick Property Sale and Sell and Rent Back industries.

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