Consumers could be getting turned down for credit cards, bank accounts and mortgages because their credit reference file's out of date or inaccurate.
That's according to the Information Commissioner's Office who are urging people to make sure their credit rating's fair.
David Smith, Deputy Commissioner of the ICO, says "Many of us will be relying on credit to get us through 2010.
"Out of date or wrong information in your credit file might not only stop you getting the credit you need but could have further damaging or embarrassing consequences."
Credit card companies and other lenders use the information on the credit reference file to decide whether potential customers have the ability to repay.
Under the Data Protection Act everyone has the right to get hold of a copy, which can be done by writing to credit reference agencies and enclosing a small fee.
