UK Money News
21st December 2007
Lenders 'tightening criteria' on borrowing
The credit crunch has impacted on the personal finance market in such a way that lenders are tightening their criteria regarding who they will provide help with money to, it is claimed.
Finance analyst Equifax states that, rather than taking the broad overview of people's credit histories, lenders may now be paying heed to "minor misdemeanours" data.
These details may well have been ignored in the past but will now impact on consumers' access to help with money, the company believes.
Neil Munroe, external affairs director for Equifax, said: "There could be an increase in multiple applications in the new year as lenders dig deeper into people's payment history. Any negativity that might not have been a problem in the past might rise in prominence."
He added that those seeking help with loans should make sure their credit file is as clean as possible before making an application.
Lenders have tightened their lending criteria in recent months following the collapse of the US subprime market.
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