Equifax has become the first credit reference agency in the UK to allow consumers instant access to credit information online.
The innovation will remove the need for consumers to send identification through the post in order to see their credit file, and is expected to increase awareness of how lenders interpret information when assessing mortgage applications.
Michael Shannon, managing director of Equifax, said: “This is particularly important as recent research has revealed that 50% of credit file requests received were from individuals who had been refused credit. And nearly 40% of these believed that the information on their credit file was incorrect before they had seen it.
“Consumers who do not immediately meet an organisation’s lending criteria can be directed to MyEquifax to instantly understand and check the core data being used in the application process.”
The service will cost £8.25 and will allow borrowers to see exactly what lenders see, including full credit card and loan information. Shannon claimed that the site would be of benefit to lenders too.
Elliot Nathan, spokesman at Bradford and Bingley, said: “It is about time this information was made available. In a world where you can trade shares and bank online, the system for accessing credit information was prehistoric. It will be of benefit to brokers because if the client is unsure of their credit situation the broker can then assess the situation and have a better idea of where to place the mortgage.
The service is available at www. myequifax.co.uk