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A good credit rating is increasingly important
19 June 2008
People looking to borrow money should ensure they have a credible credit rating, according to moneynet.co.uk.
Borrowers are unlikely to get credit if they have a poor credit rating as during the credit crunch lenders are only giving money to people who have demonstrated that they can repay it, claims the financial analysts.
Richard Brown, chief executive of moneynet.co.uk, said: "The availability of credit is directly related to your personal credit rating. Whether you are a graduate, a dustman or a high earning professional, if your credit rating is very poor, lenders will be very reluctant to lend to you."
Credit ratings can be improved by making regular payments every month even if it is just the minimum amount required.
"Lenders generally like debt because that's how they make their money, but they are very nervous at the moment because they can't get the funds themselves," said Mr Brown.
According to Credit Action, the average interest paid by each household on their total debt is approximately £3,790.
