DON'T LET UNUSED CREDIT CARDS AFFECT YOUR ABILITY TO GET NEW CREDIT

Equifax urges consumers to reduce their number of credit cards

www.equifax.com

London 4th September 2012 – According to new research* one in five Brits have three or more credit cards in their wallet with an average of £12,049 available to use. In response to these findings, leading online credit information provider, Equifax, is urging these consumers to reassess their credit card agreements, which could potentially affect their ability to get a mortgage, loan or a new credit card in the future.

“Some consumers may think that if they only have a balance of a couple of hundred pounds to pay on each of their credit cards, that it is this figure that lenders look at when considering their application for credit,” says Neil Munroe, External Affairs Director for Equifax. “In fact, financial companies are paying more attention to the total amount of credit that is available to an applicant. So, if for example someone has a total of £450 outstanding but the credit limit on all their cards totals £12,049, it is possible that this higher amount could be used when a lender looks at the potential level of indebtedness of the individual which in turn could lead to them reducing the amount of credit offered or even worse the application being turned.”

If anyone is not sure of the total amount of credit they have from their credit cards, Equifax recommends obtaining a copy of their credit report which lists all of their financial agreements. It is important that consumers check their credit report before applying for new credit so that they can see exactly what a lender will see and can take steps to ensure they are in the best position before they apply.

The Equifax Credit Report, with the facility to access credit information for the first 30 days free, is accessible simply by logging onto www.equifax.co.uk. Designed to help individuals understand their credit file and see what lenders see to assess new credit applications, the Equifax Credit Report also includes expert tips and advice to help consumers take the right steps to manage their finances and navigate through life's challenges.

If the customer does not cancel before the end of the 30 Day Free Trial, the service will continue at £8.99 per month, giving them unlimited online access to their credit information and weekly alerts on any changes to their credit file. It also includes an online dispute facility to help them correct any errors on their credit file simply and quickly.

The Equifax app is available free from the Apple iTunes Store on iPhone and iPad and from Google Play for Androids. Once signed on as an Equifax member, users can download all the Equifax credit and ID fraud subscription based services, giving them access to the information they need whenever and wherever they are.

Ends

*Moneysupermarket.com 29/8/12

For further press information please contact: Louise Fowler, Clare Watson, Cecile Stearn or Wendy Harrison at HSL on 020 8977 9132 / Fax: 020 8977 5200 or Email: louise@harrisonsadler.com

About Equifax

Equifax is a global leader in consumer, commercial and workforce information solutions, providing businesses of all sizes and consumers with information they can trust. We organize and assimilate data on more than 500 million consumers and 81 million businesses worldwide, and use advanced analytics and proprietary technology to create and deliver customized insights that enrich both the performance of businesses and the lives of consumers.

Headquartered in Atlanta, Equifax operates or has investments in 17 countries and is a member of Standard & Poor’s (S&P) 500® Index. Its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. For more information, please visit www.equifax.com.