LONDON, April 22, 2015 /PRNewswire/ --
MyCreditMonitor has launched in the UK to help consumers access their individual credit reports - the key to understanding how financially credible they are and how improvements could be made to their credit profiles.
An unsuccessful loan application can be the main obstacle that comes between a consumer and their dream of owning a home or refurbishing a property.
A credit report typically comprises of a credit score, i.e. a 3-digit figure between 0 to 999, which is calculated using a mathematical formula or algorithm. A higher credit score indicates greater financial credibility.
Credit reports are compiled by credit bureaus, also known as Credit Referencing Agencies (CRAs) that acquire data on things like the detailed history of a person's payment regularity and any payment lapses, unused credit accounts, overdue credit card balances, county court judgements, bankruptcies and insolvencies.
A poll conducted by Columnio and Affinion International in August 2014 on 2,002 UK consumers found alarming results.
While 88% surveyed knew what a credit profile is, only 20% - i.e. 400 people - know what their current score is.
Furthermore, only 25% of these 400 people have actually looked at their credit reports in the past year.
Sati Dhanjal, Vice President, MyCreditMonitor believes that UK consumers can apply for loans, mortgages and other types of payment plans with greater chances of success by getting to know what their credit score is and using their credit reports as a guide to keep track of their own financial credibility profiles.
He says: "Since MyCreditMonitor launched, we have had over 111,433 registered customers. Aside from having access to their credit reports (after clearing the screening questions) our customers are also privy to credit management alerts, a credit statement every six months and access to a dedicated credit guidance helpline where they can receive practical guidance on how to improve their credit scores."
MyCreditMonitor is provided by Affinion International, which has over 40 years of experience in creating and managing solutions that address consumer needs as well as improve the value of customer relationships both directly and through thousands of global clients.
For more information, please visit http://www.mycreditmonitor.co.uk
Content Marketing Executive, MyCreditMonitor