Press Release

CITIZENS ADVICE BUREAU REPORTS RECORD NUMBERS SEEKING DEBT HELP

Equifax data confirms that consumer finances are under considerable stress as the company continues to provide free access to credit reports for debt distressed

London, February 24th 2009 - The Citizens Advice Bureau has today reported record numbers for people seeking help with debt problems at the end of 2009. New figures show Citizens Advice Bureaux are currently dealing with 9,500 new debt problems every working day and debt and benefit issues combined now account for 60% of the CAB workload. CAB advisors handled 2.27 million debt problems in 2009.

The latest research from leading instant credit information provider, Equifax, certainly backs up the CAB figures as the company continues its commitment to provide free access to credit files for the debt distressed via the debt advice charities.

A survey of Equifax Personal Solutions customers* at the beginning of 2010 showed that 20% have lost income either through cutbacks in overtime, an enforced pay cut or reduction in working hours, or because they didn't get a bonus last year. "At the start of 2010, nearly a quarter of respondents said they had not had a pay rise so far this year and 64% are either not expecting one, or are unsure if they will get a pay increase" confirmed Neil Munroe, External Affairs Director, Equifax. "And that appears to be putting increasing pressure on family budgets.

"Nearly a third of consumers surveyed said that they felt they were in debt because their living expenses had increased in the last year. This is a big challenge for many families. Whilst interest rates have dropped, the cost of many essential items hasn't followed suit and this is adding to the burden on those already juggling various monthly financial commitments. It's not surprising that the Citizens Advice Bureaux are experiencing exceptional numbers coming to them for debt help."

Equifax is continuing its commitment to support the debt distressed. Working with all the key debt advice charities, including Citizens Advice Bureaux, Consumer Credit Counselling Service and National Debtline, Equifax provides free access to credit files. The client must request their credit file from Equifax themselves, which they can do using a request form and a supporting letter from the debt advice charity. The free credit file service offered by Equifax provides consumers with their statutory credit report which is sent in the post within 7 days of the request.

Debt Charity Contact Details

CCCS - 0800 138 1111
National Debtline - 0808 808 4000
Citizens Advice Bureau (CAB) - www.citizensadvice.org.uk

Neil Munroe, External Affairs Director of Equifax is available to comment on Credit and Debt issues, including the continued impact of the recession and what this means for consumers. Neil has extensive experience and expertise on key issues surrounding consumer credit

Neil Munroe can be contacted direct on 07710 844518. Alternatively please contact Louise Fowler or Wendy Harrison at HSL on 020 8977 9132 or email louise@harrisonsadler.com