The free service, which can be found on Rightly.co.uk, shows what a lender can see about you when making their decision, by giving you an insight into your personal credit files and report.
It will highlight why previous lending decisions were made about you and can help stop inaccurate information affecting your credit score.
The tool also provides information on whether you have been a victim of fraud and if you are in the best place to apply for a mortgage, loan or any form of finance.
As well as being able to access your credit files for free through this new tool, users can also request that any inaccurate information is corrected.
It also offers the opportunity to contact the four main credit reference agencies, so that once the information is revealed, people can make a more educated decision when applying for a mortgage the next time.
Tom Andrews, founder and CEO at Rightly.co.uk said: “This is a tool that makes sure people’s data works for them. Rather than wondering why you were rejected for a mortgage, you can use your rights under GDPR to see everything that lenders know about you and based their decision on.
“If you spot anything that’s inaccurate or you think unfair, you can use it to appeal their decision.”
The tool can be accessed here.
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