News

Mark welcomes 'Noddle' - Free Credit Reports for all!

(June 22, 2011)

Mark has today welcomed a new free credit report service being launched by credit reference agency Callcredit called ‘Noddle’.

Noddle is the first service of its kind in the world and will give consumers free access to their credit file, for life and help them to put it to good use by searching the market for the best deals on credit cards and loans based on the individual’s credit rating.

Consumers will be able to access their credit report as often as they want or need to for free and Noddle will also help them to use their credit rating to find appropriate financial products based on their personal circumstances by providing them with a confidence rating for each product which they can use as a guide to understand how likely they are to have their application accepted.

Currently, consumer credit reference agencies charge rolling monthly subscriptions for credit reports which amount £22 million.  A new study has revealed that more than three quarters of a million people signed up for what they believed to be a ‘free credit report’ only to discover they are being charged a monthly fee when the money is being taken from their bank account.

There is popular support to end this practice with most people believing that ‘free should mean free’.  Noddle will help enormously towards successive Governments’ drives to tackle financial exclusion and consumer debt problems by putting credit information in the hands of consumers for free and for life.

Mark said: “I am delighted that all of my constituents will be able to access their credit report for free – for life.  Having a good credit rating is essential to managing your finances and I know many people are put off checking theirs because of the ongoing cost.  I would urge everyone to take advantage of this new service and take steps to improve their credit rating, overcome debt, manage their repayment commitments and safeguard their financial wellbeing”.

Noddle was launched on 16th June 2011 and will be fully operational by the Autumn.  To pre-register for this service visit: www.noddle.co. uk.

Click here to return to the News page