An uncharted past 'leads to future without credit'

New research has indicated that a person without a credit history may find it harder to borrow money or make particularly large purchases, it has been claimed.

According to Experian, those without a well-documented financial background are a problem for lenders as they do not know how reliable they are.

Usually, money institutions would rely on the electoral roll to assess such matters but, as less people are voting today, this method is not as useful as it once was, it added.

And James Jones, consumer affairs boss for the company, has stated that lenders act more favourably to those with a charted monetary past.

"Lenders do like that proven track record and it can be difficult to get going if you've just turned 18 or moved to the UK from overseas," said the expert.

This comes as Credit Action research shows that the UK has a £1.3 trillion personal debt mountain.

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