Press Release

GOOD CREDIT SCORES COULD BE CRUCIAL TO THE CAR SCRAPPAGE SCHEME WORKING

Equifax comment on the Car Scrappage Scheme announced in today's budget

London, April 22nd 2009 - Leading instant online credit information provider, Equifax, is highlighting that the Government's Car Scrappage Scheme will only work if lenders lend to those who currently own 10 year old cars.

"The question is whether this group of motorists will actually have good enough credit ratings to get the loans they need for the relatively substantial sums required for new car purchases", confirmed Neil Munroe, External Affairs Director, Equifax. "Whilst it is a fairly sweeping generalisation, a good proportion of those who own cars that are 10 years or older are likely to be in the lower earning sectors of the consumer marketplace. Will they, therefore, be interested in a new car purchase and, more importantly, will their earnings be sufficient, along with current financial commitments, to give lenders the confidence to extend credit to them?

"There are more details to come on this scheme but probably one sector it will benefit will be small and medium sized businesses which would look to trade in old working vehicles, such as vans, etc. But the issue will still come down to whether lenders will extend new credit.

"Crucial to all of this will be credit scores, for businesses and individuals. So now, more than ever, it's vital to ensure that payments for existing credit agreements are kept up to date so that credit scores are as good as possible when new applications are made."

The new Equifax Credit Report, with the facility to access credit information for the first 30 days free, can give consumers a valuable insight into their credit status. 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

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