Look at Your Credit File!
Improving your credit file is an important first step to getting the life you want, showing lenders that you make responsible decisions and are financially stable.
While everyone’s credit history is unique, there are generally a few common mistakes people make that can drag down their score.
Here's a rundown of some of the top factors affecting credit scores and how to tackle them.
Mistake: Not registered to vote
Solution: Get on the electoral register ASAP. It’s your choice whether you actually vote or not but you need to be on the register so credit companies can confirm your details.
Mistake: Failing to act on errors
Solution: Spend time reading your credit report each month and if something doesn’t look right, investigate. Don't think it'll disappear, because it simply will not and you'll need to take action to get it corrected.
Mistake: Failure to clear debt with regular payments
Solution: Create a budget and set up a plan for debt repayment. Budgeting is the first step towards getting your finances under control and will help to stop the problem getting worse. Late payments are recorded on your credit report and remain there for six years, even if you’ve settled the account and paid off the debt.
Mistake: No experience of borrowing
Solution: Get some credit! While too much debt can be bad for you, if you’ve never borrowed money you’ll find you have a limited credit profile. One option may be to take out an affordable loan or credit card for something you are planning to buy and make regular repayments in line with their terms and conditions.
The easiest and best way to get a copy of your credit file is to register via CheckMyFile for the free 30 day trial, then it’s just £14.99 a month – you can cancel anytime. Please click their logo below to go directly to their site:
Once registered, scroll down to the ‘download printable report’ link and forward to me the PDF and accompanying 6 digit pass-code so I can fully assess the situation - thanks.
If the 'Download Printable Report' button is not visible then log out, wait 24 hours and then log in again.
The reason I suggest this report is simply because it’s the only one that contains details from all 4 of the UK credit reference agencies, so it’s the ideal way for us to assess what’s on there and possibly, what needs to amended.
Hope that helps!