University graduates have been advised to check their credit report as soon as possible.

Credit checking service Equifax said that all university leavers need to ensure that their report is up to date.

It is because most graduates will need credit in the future in order to afford the lifestyles they wish to lead.

"People who come out of university will need credit to develop their lifestyles, while their incomes grow. So it's important that they do [check their history]," said Neil Munroe, external affairs director at Equifax.

"If anything's not right on there - which is a very, very rare occurrence - they can come to agencies like ourselves and we will look into it for them.

"And if there's something on there that they don't like, but it is accurate, then they can put a statement on the file. There are ways in which people can put their side of the story across," he added.

The latest figures from Equifax show that 44 per cent of students spend over £300 every month on living expenses other than rent.