Below are some of the statistics compiled by CreditAction for the UK – July 2009.
Some personal debt statistics for July
August 13th, 2009House Prices Falling – Now, is that good or bad?
August 6th, 2009Halifax’s house price index confirms that the price of the average house is now £154,716. This is a return to a level that we had last seen in 2004.
The average property price fell by 1.7% in April and this is making property far more affordable, especially to those only starting out. The question everyone is asking is whether falling property prices are good or bad? Read the rest of this entry »
Guide to UK Loans
July 31st, 2009Which loan should you get?
There are many financial products available so it could be confusing to determine which product is best for you, and why. Most loans have no restrictions on use – they can be used to pay for anything the borrower sees fit.
The two broad loan categories are secured and unsecured loans. This guide will try to explain the different types of loans, where to find loans, and how to apply:
Read the rest of this entry »
Avoid the most common reasons for being denied credit
July 22nd, 2009The average UK Experian credit score is just above 760 out of a possible 999. A ‘prime’ credit score is anything over 680 and someone with that type of score typically finds it easier to get credit than someone with a lower score.
Many lenders deny credit applications based on certain criteria including details found in your credit file. If you have been denied credit in the past it is important that you understand what the reasons could be, and here are a few of the common reasons why your application for credit may have been denied:
What you need to know about credit scoring
July 15th, 2009What is credit scoring?
A credit score shows companies what financial risk you pose. A good credit score means you are a low risk borrower; therefore, so you should receive more favourable terms in comparison to someone with a bad credit rating.
Fraud prevention agencies, high street stores, banks, and insurance companies send financial and behavioural information to credit reference agencies. There are three important agencies in the UK: Call Credit, Equifax and Experian. These companies do not recommend ‘good’ customers to companies, they only report who is more likely to repay credit.
