Press Release

A HIDDEN CREDIT CARD COULD SPELL TROUBLE FOR FUTURE FINANCES

Equifax warns of the impact of hidden credit cards and other financial agreements

London, 14th May 2009 - Leading instant online credit information provider, Equifax, is warning about the risks of hidden credit cards and other loans as a new survey from the Halifax* reports that an estimated 217,000 credit cards are hidden from spouses.

"Apart from the obvious issue of a loss of trust, if a credit card or loan is hidden from a partner, there are several quite serious consequences that may affect their future ability to gain credit", confirmed Neil Munroe, External Affairs Director, Equifax. "The first is that if a couple share any joint financial agreements, then the details about the hidden credit cards or loans will be linked to the partner's credit status. And this could mean them being refused new credit in the future or being offered a less favourable rate, especially if there are defaults against the card or there is a high credit limit.

"Lenders now look at the total credit commitments of individuals when applying for new loans - and will take into account the credit limit on all the credit cards and store cards they might have, even if they are not spending up to that limit.

"As all the debt advice organisations recommend, we strongly advise that couples should openly discuss their financial situation and not keep anything secret. This is especially important in the current economic climate because if there is a sudden change in circumstances, such as redundancy or illness, then the best approach is to talk to all your creditors and make them aware of a possible delay in payments. But, of course, this can only be done if there is complete honesty about all financial commitments."

To check your own credit status, Equifax recommends getting a copy of the new Equifax Credit Report, with the facility to access credit information for the first 30 days free. Accessible simply by logging onto www.equifax.co.uk it is designed to help individuals understand their credit file and see what lenders see to assess new credit applications. It also includes expert tips and advice to help consumers take the right steps to manage their finances and navigate through life's challenges.

If the customer does not cancel before the end of the 30 Day Free Trial, the service will continue at £6.99 per month, giving them unlimited online access to their credit information and weekly alerts on any changes to their credit file. It also includes an online dispute facility to help them correct any errors on their credit file simply and quickly.

ENDS

* Research conducted on behalf of Halifax Credit Cards by GfK NOP. Sample 1,000 adults UK-wide, 27th-29th March 2009.

For further press information please contact: Elinor Puzey, Louise Fowler, Cecile Stearn or Wendy Harrison at HSL on 020 8977 9132 / Fax: 020 8977 5200 or Email: elinor@harrisonsadler.com