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Slight fall in number of credit-impaired says Datamonitor

The number of credit impaired individuals fell to 7.8m in 2002 from 7.9m in 2001 according to research from market analyst Datamonitor.

The figure, that has decreased from 8.2m since 1998, reflects the number of people who are systematically refused credit from mainstream lenders whatever the size of their application. It includes sub-prime, non-status, non-conforming and credit impaired.

The fall was in part attributed to lower unemployment, consistently lower interest rates and a fall in the number of mortgage repossessions that fell to 6,800 for the first six months of 2002 from 17,000 in the first six months of 1997.

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