Paying off loans is ever more important as we move into 2011

As the VAT increase is announced consumers face new difficulty when applying for mortgages
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Edgware - Middlesex - England

Dec. 23, 2010 - PRLog -- The Bank of England has warned this week that the current financial situation puts more than seven million home owners at risk if interest rates start to rise again. It warns that people need to start paying off their debts to avoid getting into difficulty as mortgage and credit card repayments increase.

Debt is building up in Britain as people are borrowing more money than ever through loans, store cards and credit cards.
But keeping up with payments and managing money well can identify a person as responsible with money and may deem them more creditworthy. So when making a purchase or an application for credit, a person's credit rating and credit report can play a more important part in the process than many people think. Even with smaller purchases such as credit for an item of furniture or electrical equipment, or a mobile phone contract – the company may do a credit check first before confirming the purchase. .

A credit report can affect whether someone is accepted for a credit card and what interest they will be offered. A poorer credit rating could result in people being offered a higher interest rate, and having to pay more if they don't pay the credit card off in full each month.

So keeping an eye on your credit report can be very important. It monitors all relevant payments which occur throughout an individual’s life time, such as opening a new account and closing an old one, even things like mobile phone payments. More importantly, a credit report registers all non-payments as well, such as missing a credit card payment. Missed payments can lead to marks on the individual's credit report. So while missing a small payment for an everyday item might sometimes not seem that important, it can have later consequences, even affecting future mortgage options.

The credit reference agencies that compile the reports are commercial companies which get the information from a number of different sources. They sell this information to lenders and other financial services companies, to help them to decide whether to grant an application for a loan, credit card, or a similar financial product.

To learn more and to see what different elements are held in a credit report, just visit - Credit Rating Matters is a membership programme which provides access to a Callcredit credit report and credit score. These credit tools are provided by the credit reference agency Callcredit Limited, and may provide an insight into anyone's financial positioning in the eyes of lenders.

Membership with Credit Rating Matters provides unlimited access to ones Callcredit report and score, so anyone can monitor their financial position. Once details are successfully verified, people can view their Callcredit credit report as often as they like. The report will update periodically and reflect changes in financial activity.

To see your credit report please visit or for further information please call 0845 026 1093
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Location:Edgware - Middlesex - England
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