Price comparison site confused.com has revealed that almost 6m people in ther UK were turned down for credit between 2010 and 2013.
A survey conducted by the website found that one in eight consumers had been refused credit cards, bank accounts, and personal loans.
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Commenting on the figures, Nerys Lewis, head of credit cards at Confused.com, said: "With so many credit card providers keeping their best deal for customers with a near perfect credit rating, it’s more important than ever to understand how credit rating works, and how you can use the knowledge to get the best deal."
Among borrowers with low credit ratings one in five admitted applying for payday loans, with almost half revealing they were unaware that such an application alone could further damage their credit rating.
Lewis suggests consumers check their credit rating, before reapplying, and remain aware of the effects of old credit cards, open accounts, and agency mistakes on their score.
Poor credit scores were revealed by the survey as a source of anxiety for their holders, with over 50% saying they felt under high levels of stress as a result, and 38% claiming the rating held a negative impact on their life.
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By GlobalData
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