According to the findings of CreditExpert.co.uk, the vast majority of Britons have never checked their credit record.

This is despite the average rating (763 out of a possible 1,000) being equivalent to a moderate risk for lenders and the average consumer debt sitting at around £23,000 per UK adult.

“Credit scores change as your credit history changes – and you can’t estimate your current position unless you know your credit history,” said Jim Hodgkins, managing director of CreditExpert.

Several factors can affect credit scores, and therefore the individual’s ability to get credit, including missed repayments, forgetting to register to vote, financial associations with others, or past borrowing habits.

“Because all of these factors and more are taken into account by lenders, it’s in your interest to check all the details of your credit report and find out how to improve your credit score so that you get the best value for money when you take out a loan,” Mr Hodgkins continued.

“An online service such as CreditExpert is a simple way to keep on top of your financial history and it will alert you to any major changes, which is good protection against identity theft.”

To read more about credit cards, click here.

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