Credit Rating

 

 

When you apply for a loan or credit, the company may check your credit score and history using information held by a credit reference agency.

 

Low credit score may mean that you may find it hard to get credit. Your credit score is based on information held about your credit history.

 

  • County Court Judgments

  • Missed payments on your mortgage or loan

  • Not being on the electrol roll

 

The above factors could affect your credit score as well as having no credit history at all as people want to know that you have paid your debts in the past.

 

If you think your credit record is poor you should contact the Credit Reference Agency, they are legally obliged to reply to you within seven days. If any of the information is incorrect you can apply for it to be corrected or removed.

 

Further information about Credit reports and credit rating can be found: http://www.moneysavingexpert.com/loans/credit-rating-credit-score

 

Credit Repair

 

 

The best way to improve your credit rating and score is to build your credit history over time.

  • Make sure you pay all your bills on time.

  • Check that you are registered on the electrol roll at your current address.

  • All credit checks are recorded on your file, so do not apply for credit with a number of different companies around the same time as this will affect your credit rating.

  • When appying for credit, be honest with the company about your credit history, advise them of any missed payments and why these were missed.

 

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