Forty per cent of people in the North West who have applied for financial credit have never checked their credit report – equating to over 1.7 million consumers.
That’s according to new research from uSwitch.com, the price comparison and switching service.
The research says that more than 15 million consumers have never checked their credit report, despite the information held about them determining where they live, whether they are able to get the best deals on financial products, and even their ability to get a job.
The new research reveals that although 76 per cent of consumers have applied for financial credit, over half don’t think their credit report impacts significantly on their everyday choices.
The findings reveal the extent to which consumers are confused about how credit reports are compiled and what actually affects their credit rating.
This is at a time when personal debt is costing the British economy £8bn annually through the damage it causes to family life, employment prospects, mental and physical health, as well as the cost to state services. David Mann, head of money at uSwitch.com, said: “The mystery surrounding credit reports is causing millions to miss out on the best financial deals, and in some cases their dream home or job.
“Consumers are flying blind, unaware how lenders are arriving at critical decisions.”