Britons have been advised to check their credit references for any mistakes that could hinder their ability to secure personal loans and credit cards in the future.
The ICO said marks against a person's name could mean that when the time comes for them to need to secure credit, they are unable to do so.
Chris Radford, chief executive of aap - the UK's biggest buyer of endowment policies - said some of its customers had decided to sell their underperforming endowment policies to cover the cost of a large expenditure, rather than apply for a personal loan or credit card.
Credit references could be damaged by relying on credit
The ICO said making sure a credit file is correct is important because during the economic downturn, "millions" of Britons will turn to credit cards and personal loans to keep them afloat.
Requests for credit could be turned down by lenders if they believe a customer poses a high risk and is more likely to default on repayments.
However, rather than relying on credit to cover the cost of expenses, it could be wise for Britons to raise the money another way to stop household coffers falling into the red.
"Many of us will be relying on credit to get us through 2010. Out of date or wrong information in your credit file might not only stop you getting the credit you need but could have further damaging or embarrassing consequences," explained David Smith, deputy commissioner at the ICO.
Applying for more credit could prove damaging, however, if households already have to make a number of personal loan and credit card repayments.
Endowment policy cash could be an alternative to credit
Mr Radford, from aap, said rather than rely on credit, some of its customers had decided to sell their unwanted endowment policies to raise money required.
He added that should aap make an offer to purchase an endowment policy, it will always pay more than the surrender value offered by the insurance company.
Reasons to sell your endowment policy
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