LONDON, June 3, 2015 /PRNewswire/ --
With the amount spent on credit cards per second being £5,429, the average consumer credit debt per household being £6,376 and the average total debt per household - including mortgages - being £55,199 (according to The Money Charity, 2015), more initiatives in consumer credit education are desperately needed.
From young adults who are about to head into a world of bills, cards and loans, to couples getting on to the first rung of the property ladder, to families with young children, accessing credit does seem like a necessary evil.
People do not wish to be in debt, but due to the continual rise in property prices and living costs, it is inevitable that they will accrue some debt.
In a recent Google Consumer Survey run by MyCreditMonitor, 69.7% of the 1,000 people surveyed did not know what their credit score was and 53.7% never had their credit score checked.
There is a crucial difference between a credit score and a credit report and knowing this before applying for credit cards, personal loans and mortgages can help people improve their chances of acquiring credit, thereby securing their financial futures.
Sati Dhanjal, Vice President at MyCreditMonitor, says: "Not many people are aware that there are some credit report providers that do not include the credit score within their credit reports and charge customers an extra fee for their credit scores to be disclosed to them. We at MyCreditMonitor validate our customers through a rigorous screening process (in association with Callcredit), which, on passing, enables them to not only view their credit scores but to also get help on how they could improve their credit scores."
Credit reports in print format cover six years of a customer's credit history, while credit reports available online can cover two years' worth.
While most of us know what is a credit history we need to be more aware on how information from our credit history is used to calculate credit scores.
MyCreditMonitor aims to make UK consumers credit-aware through their initiatives in credit education coming up within the next few months.
For more information, please visit http://www.mycreditmonitor.co.uk
Content Marketing Executive, MyCreditMonitor
Statistics from: The Money Charity, May 2015