Poor credit scores deter one in 10 Brits from applying for mortgage

Poor credit scores have deterred one in 10 Brits from applying for a mortgage, according to new research by The Mortgage Lender (TML).

The research also suggested evidence of a limited understanding of credit scores among the population. Nearly two-thirds (62%) of the 2,000 UK adults surveyed for the research said they did not know their credit score, with half (50%) of those who plan to buy a property in the next year unsure about their score.

In addition to not knowing their score, many were unsure how to improve it, nor did they appear to have much interest in doing so. Nearly two-thirds (60%) of respondents said they had never taken steps to improve their credit rating, while a further 13% said they weren’t clear of what steps they should be taking to improve their credit situation.

Fewer than one in five (18%) of those surveyed said they had taken steps to improve their credit score.

The Mortgage Lender CEO Peter Beaumont said: “The number of people who don’t know their credit score, despite wanting to make big purchases like buying a house, is a worrying trend. It shows there is a need for education among UK adults on what their credit score is, how it could impact major buying decisions such as home buying, and how to improve it.”

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