According to moneysupermarket today's "must-have accessory" is not a state-of-the-art technological gadget or a profile on the latest social networking site but rather a good credit report. The price comparison site stated that as the availability of cheap loans for many people diminishes an increasing number of people are recognising that a positive financial report can be of assistance when looking to borrow money.

Consumers were advised to make sure they carry out a credit check at least once a year by getting a copy of their report from a company such as Equifax or Experian. Perhaps stating the obvious, moneysupermarket claimed that "you can't keep on top of your credit profile if you don't know what it is" and that taking out a file can help identify and rectify any errors. In addition, those who have in the past filed for bankruptcy or had a county court judgment but are now aware that their period of insolvency has ended or their payments are complete should make sure that such settlements are now reflected in their file.

Making repayments on personal loans, credit cards and other types of borrowing on time was also put forward as a means of improving a credit rating. However, those consumers who are concerned that they may be unable to meet a demand for repayments were advised by moneysupermarket to get in touch with their money lender.

Enlisting on the electoral roll, being completely honest with applications for credit and avoiding making requests to borrow to "several lenders within a short period" were also put forward as means to improve a financial score.

And in taking the time to make sure that a credit report reflects them in the best possible light, borrowers may find that they are able to access cheap loans and other forms of competitively-priced credit with greater ease.

Tim Moss, head of debt at moneysupermarket, said: "People are really becoming aware of the importance of a good credit score. Credit agency Equifax has actually seen a 45 per cent increase in people checking their profile in January and February, and moneysupermarket's SmartSearch facility has had a fourfold increase year-on-year. A fair or poor credit profile can make obtaining credit for everything from mobile phone contracts to mortgages much harder. Those that are accepted are likely to be offered a poorer rate."

For people who in the past have experienced financial difficulties but are now confident of meeting demands for repayment taking out a bad credit loan may be of help. Such a loan could see those who have previously struggled with their money management be left with affordable repayments to make on the borrowing to help supplement their spending.

Earlier this year, Jim Hodgkins, managing director for CreditExpert, advised of the need for consumers to be aware of both their own and their partner's financial rating when taking out a linked monetary product such as a joint bank account or loan. He said: "Regular credit report monitoring enables you to keep tabs on your own credit status and be aware of where you are financially linked to a partner via a joint credit agreement."