Are UK Lenders partially to blame for their lack of consumer confidence

by: pat lee


The online credit information provider said rising interest rates earlier this year had already caused
I lenders to apply more stringent criteria and they were now a tightening up their credit checks even further.
Neil Munroe, external affairs
I director for Equifax, said: "Lenders , are looking deeper into people's credit histories. In particular, we
I believe they will be looking in more detail for early warning signs of consumers getting into financial difficulties. So just one late payment on a credit agreement that might not previously have been a major issue for lenders may now mean the difference between someone getting a loan or not. or having to pay a high rate of interest." Mr Munroe said lenders were
also likely to be looking closely at how consumers service their debts. He said: "Lenders are looking more closely at borrowers' credit
I histories, any other outstanding debt and their level of disposable income. Equifax is developing specific scoring tools to predict indebtedness and potential bankruptcy, based on past management of credit.