Credit score ‘is king’

30 October 2008

Consumers need to pay more attention than ever to their credit rating / credit score, an article in The Independent has stressed.

‘In the midst of a banking crisis,’ the article states, ‘your credit score is king. As loans become harder to obtain and more expensive, consumers can’t afford a record of missed repayments or unpaid bills on the files held by the credit reference agencies. A low score will make it tough to secure an advance for a car or house.’

The article contains a quote from Neil Munroe of credit reference agency Equifax: “With the tightening of credit, factors that may have been ignored before now represent early signs of stress of a person who can’t pay credit.”

“Loans, mortgages and other forms of credit are still available,” said a spokesperson for debt management company Gregory Pennington, “but they’ve certainly become harder to get, and it’s more important than ever that people talk to a lender or broker who specialises in finding credit for people with their kind of financial background.

“It’s also important to realise that more credit isn’t always the answer. Many people looking for a debt consolidation loan, for example, may be better off with an alternative way of getting their debts under control, such as a debt management plan.”

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Gregory Pennington offer debt solutions such as debt management plans and debt consolidation loans. If you are worried about your debts, contact one of our expert debt advisers now.

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Gregory Pennington are founder members of DEMSA (Debt Managers Standards Association).

DEMSA are the first trade body within the finance industry to successfully secure approval for its code of practice under the OFT Consumer Codes Approval Scheme (CCAS).