Lenders are scrutinising consumer’s credit histories even closer following the recent US scare.

Lenders are scrutinising consumer’s credit histories even closer following the recent US scare, which could mean those who have missed payments on their mobile phone contracts may not be able to buy a house or open a credit card account.

Lenders already consult credit agencies before determining the suitability of a customer, but they are becoming increasingly cautious of lending to people with impaired credit histories, and are gathering more detailed data.

Neil Munroe, from credit reference agency Equifax said: “The overwhelming evidence is that lenders are looking at data in more depth.

“Minor misdemeanors are becoming more relevant, especially for first-time buyers. A consumer’s mobile phone credit history would previously have been seen as secondary information. Now it is being scrutinised.”

Chiltern’s Joanne Gill says: “Lenders are more aware of increasing interest rates and consumer debt levels and so are wary of accepting new riskier customers.

“Roughly two and a half million mobile phone users pay their bills late or not at all, without realising it could have more serious consequences.

“The result is that many may not be able to secure a mortgage or new credit card facility, or they could end up paying over the odds for the service which could eventually tip people over the edge.

“If you’re already finding it a struggle keeping up with your repayments, it’s best to seek impartial advice, as there are often many solutions available.”

Visit Chiltern.uk.com today for further information.