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Graduates 'should look after credit'

People finishing university and hoping to spend money on developing their lifestyles, should ensure that they look after their credit rating, it has been suggested.

When it comes to getting a mortgage or even renting a property, young people's credit history may be checked, making it important to check their credit is in order, according to Equifax.

Neil Munroe, external affairs director at Equifax, said: "People who come out of university will need credit to develop their lifestyles, while their incomes grow. So it's important that they do [check their history]."

"What is important is that what is on there is correct and if they are taking any credit out, that they look after it."

Mr Munroe added that a good way for people to keep on top of credit ratings is to be sure that they make payments on a regular basis.

A recent Equifax survey showed that 22 per cent of students do not know how much they have spent until they receive their monthly bank statements.

People just starting out in life may consider taking out a loan in order to boost their finances.

See how much you could borrow with a loan from Lombard Direct.
© Adfero Ltd

01/02/2008 11:42:36

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