LEEDS, UNITED KINGDOM -- (Marketwire) -- 11/14/12 -- Credit ratings might be one of life's little mysteries for many, but they have a serious impact on our personal finances. A massive 93% of Brits regularly compare features of different financial products yet almost half (47%) don't know what they mean.(i)

To help, Asda Money has put together a useful and informative guide to credit ratings.

Worryingly, nearly half of Britons don't know what various financial product features actually mean. The new Asda Money guide helps to address this nationwide issue with a detailed and dedicated report on credit ratings.

The weak economy is putting pressure on household finances and many might need to borrow for additional support, yet bad credit rating could prevent this. Potential homeowners are also finding it hard to find the cash to get a house and will need to borrow from banks, but might not be able to if their credit rating is poor.

The Asda Money guide could help people understand their finances better.

Credit ratings typically allow banks and lenders to see if you are a trustworthy person to lend money to. Your individual credit rating or credit score can determine whether or not you are able to get a loan, credit card and even a mortgage.

A credit rating is based on information gathered by credit reference agencies. Credit agencies are companies, which specifically compile information taken from financial instructions. This information comes in the form of a credit report, which banks and lenders buy to see if you're a responsible borrower.

A bad credit rating could have a detrimental impact on your ability to apply for credit, loans and mortgages. How you get a bad credit rating depends on a number of factors including late payments, frequently moving address, and not being on the electoral register and more.

This easy to understand guide will help Asda Money customers through their personal finance journey and allow them to transform their knowledge of credit ratings and credit cards into affordable borrowing.

Notes to editors

(i)Source: Defaqto Consumers compare financial product features but don't necessarily understand them 11/06/12

About Asda Money Credit Card

--  1% cashback on Asda shopping 
--  1% cashback at Asda filling stations 
--  0.5% cashback at all other shops 
--  0% balance transfers for 12 months(i) 

                                                                            
Representative example:                                                     
Standard Purchases: 14.9% p.a. variable.                                    
Representative APR: 14.9% variable.                                         
Total amount of credit: GBP 1200.                                           
This is for illustrative purposes only and actual total amount of credit may
differ.                                                                     

(i)Balance Transfer Terms and Conditions: Balance Transfer fee of 2.9% (minimum fee GBP 3 per transaction) will be charged in respect of each Balance Transfer. Subject to account status. Account Terms and Conditions apply. You can Balance Transfer up to 80% of the available credit limit within the first 90 days of account opening. Balance Transfers from existing storecard accounts and loans issued by Creation Financial Services Ltd or Creation Consumer Finance Ltd and credit card accounts issued by Sygma Bank UK are not permitted. Minimum value for Balance Transfer is GBP 50. At the end of the promotional period you will be charged the Standard Rates of Interest in accordance to your Account.

Asda Money is a trading name of Asda Financial Stores Limited. Asda Financial Stores Limited uses a selection of companies to provide its products and services. Please refer to www.ASDA.com/money for details of our product partners and the relevant terms and conditions for each of our products and services.

Subject to status. Applicants must be aged 18 or over and UK resident (including Isle of Man and Channel Islands). The Asda Money Credit Card is issued by Sygma Bank UK, Chadwick House, Blenheim Court, Solihull B91 2AA.