One in five people frozen out of credit

Almost one in five people who have applied for credit in the last 12 months have had their application refused, according to new research.

Britain’s Credit Blackout report from guarantor lender Buddy Loans has found that more than three million people have been frozen out of credit in the past year, despite mainstream lenders promising to increase access.

The report found almost one in five (17%) were refused credit due to having no previous history of borrowing, while women were disproportionately impacted with nearly a quarter of men being accepted (23%) versus just 16% of women.