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Why access to your information is key

Statistics from StepChange highlight the mental and physical health problems caused by debt. Accessing your credit information can be the first step in debt management.

The debt charity StepChange’s latest report is a stark reminder that, more than ever, UK consumers need access to a free financial CV

This week, StepChange released its Statistics Yearbook report, outlining levels of personal debt in the UK across 2014.

Single mothers and those under 25 were highlighted as the groups which experienced the biggest increase in demand for debt advice and there was a 56% increase since 2012 across the board. It’s disheartening to read that nearly half of respondents said that they had visited their GP because of mental or physical health problems caused by their debts.

Debt doesn’t have to be a bad thing. The majority of the UK use forms of debt as part of their everyday life; to manage increasing living costs, unexpected expenses or even to spread the cost of a larger purchase over several months. The key is managing this debt in a healthy and controlled way.

In order to manage debt effectively, a complete view of your financial situation is a good starting point. This is made much easier with an up to date, accurate credit score and report.

A credit score is vital because a bad one can affect the type and price of financial products that consumers can access. Consumers who do not realise this might unknowingly be paying more for things like credit cards, mortgages or loans. Equally, a lot of consumers will be paying too much for their credit because they applied for credit when their financial situation was different and have not re-evaluated their options.

Currently, to access your credit information there are two choices: either pay £2 and go through the process to get a print out or an XML version of your credit report, which can be quite difficult, or pay around £15 a month for access via a credit agency.

We think we can make things easier and clearer and we are working hard to make this opaque, complicated and difficult process much easier… and free!

See the full StepChange report.

 

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