More than 3.5 million applications for credit cards, loans and mortgages have been declined in the past year with financial firms tightening their lending policies, according to new figures.

Independent financial comparison website MoneyExpert.com claims 1.7 million people were refused a credit card last year, 1.5 million loan applications were denied and 260,700 mortgage applicants were also turned down.

Credit reports – which detail things such as current credit commitments and repayment history - are a way potential borrowers can hope to discover why they may have been rejected.

Agencies such as Experian and MyCallcredit.com can provide this information for a fee and MoneyExpert is launching a credit profiling tool to help consumers match their credit history to potential lenders to limit the chance of rejection.

"The days of easy credit are drawing to an end for many people. It is important to understand your credit profile and be realistic about the products that are suitable for you," said Sean Gardner from MoneyExpert.com.

"The risk of being declined when you apply for a credit card, loan or mortgage appears to be rising among those applying to the wrong type of lender. To avoid disappointment and gain the best deals, people need to apply to the right lenders."

CreditExpert has also teamed up with Experian to offer customers a free credit report when they sign up for a 30-day trail of the new profiling service.