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Loan claim: Utility company strikes deal with Experian

More lenders have been gathering financial information on customers to decide whether to agree loans with them.

The BBC reported that Yorkshire Water had provided information on its customers to credit reference company Experian, who are seeking agreements with other utility companies for access to customer data.

According to another credit reference company, Equifax, the information that can be included on a credit report includes data from the electoral roll, details of home repossessions, any judgements from County Court and banking details such as from current accounts, joint accounts and credit cards.

This information is then used by mortgage and loan providers to decide who to lend money to. With added financial information such as that of utility bills, customers have more boxes to tick to be suitable for a loan.

Overall, British people have been less inclined towards borrowing money. Recent statistics show that the number of approved mortgages is at a low. The government has been running schemes to try to encourage cheaper lending in order to encourage more people to take out mortgages and loans.

Amir Hussain

Amir specialises in personal loans, consumer debt and debt management.ADNFCR-2776-ID-801545502-ADNFCR

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