Horoscope more important than credit rating

A good credit rating should be the must-have accessory of 2008 but it seems Brits are relying on their horoscopes to get them through instead.

New research from moneysupermarket.com shows nearly half of Brits have never checked their credit report, and only one in six will do so this year.

Tim Moss, head of debt at price comparison site moneysupermarket.com, said: "Relying on Taurus to see what's in store for your credit card, loan, mortgage or mobile phone application is a load of bull.

"It isn't just Geminis that will fall foul of card cloning, or Pisceans that will spot something fishy. You need to see what is on your credit report so any errors can be corrected and to see if someone else is perhaps trying to take your identity.

"It will also highlight any tiny debts that might be there, but are having a huge impact on the success or failure of credit applications. An error on your report could typically lead to mortgages being rejected, or you being offered a product but at a much higher interest rate."

The weather in a foreign country tops the list of things Brits are likely to check most often, with horoscopes not far behind. The poll found people are just as likely to see if their name comes up on Google as they are to look at their credit rating.

Tim Moss added: "Of most concern is that 13 per cent of Brits don't know how to check their credit report. These are the type of people who are most likely to fall victim to identity theft - and who should be making a beeline for annualcreditreport.co.uk, which is free and simple."

Londoners topped the bill in that unfortunate department with 18 per cent not knowing what to do, compared to only eight per cent in the Midlands. Ten per cent of Brits prefer to bury their heads in the holiday sand, saying they won't be looking at their report because they are too scared to or don't want to know what's on it.

Tim Moss added: "You might feel what you don't know can't hurt you, but a higher interest rate could cost you thousands, and ID fraud can take years to sort out. It's far better to check your record than live in ignorant poverty.

"Everyone in Britain should be looking at their credit report at least annually - particularly with so much data about us being lost by big Government departments and banks."