Almost three quarters of UK consumers falsely believe a credit blacklist exists

Nearly three quarters of UK consumers (73%) falsely believe a credit blacklist exists, and over 1 in 4 (27%) people incorrectly think credit reference agencies decide whether people are accepted for credit cards, new research from Experian has shown.

People are also unfamiliar with factors that impact their credit score, with some respondents incorrectly believing that checking your own credit report (14%) and a previous occupant of their address with a poor credit history (34%) can negatively impact it.

Jose Luiz Rossi, managing director of Experian UK&I, commented: “Although the UK is a very well-educated population, there are still a lot of people who lack confidence when it comes to managing their finances, and credit is a key part of that.

“As we emerge from the pandemic, with a cost-of-living crisis confronting us, credit education has never been more important. Especially when you look at the results of our consumer poll and see, for example, 73% of respondents thinking there is a mysterious ‘credit blacklist’ that prevents them from getting credit. We have a duty to dispel these myths and promote consumer confidence with credit.”

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