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How to improve your credit report:
Your credit history is an asset. A good report will help you to get the best deals, so it is sensible to make sure
that it is accurate and up to date and to monitor it on a regular basis.
How do you monitor the information on your credit record? Register with one of the agencies that control this formation like
Checkmyfile. They will show you what lenders
see when a credit check is done on your file.
If you would like to improve your credit report, these hints will help.
- Ensure that your name is recorded on the electoral roll at your present address. As a precaution against fraud, lenders check to make sure you live at the address you give them on your application. Local authorities update the electoral roll every month. You can register by visiting www.rollingregistration.co.uk.
- Check that your credit report shows the dates when your name was recorded on the electoral roll at previous addresses. It is important to lenders that there is no obvious gap in your address history, which could indicate that an address has been omitted on your application form.
- If you have had county court judgments in the past, make sure they are paid and that you have asked for a Certificate of Satisfaction from the court. Your credit report will then show that you have paid the debt. If you have Northern Irish judgments or Scottish decrees, send proof of payment to Registry Trust Limited (www.registry-trust.org.uk), together with a £4.50 fee and they will tell us and other agencies within four weeks.
- If you have arrears on credit accounts, pay them up to date and the company will change the information held with credit reference agencies to show that payment has been made.
- Do not make multiple applications for credit in a short period of time. If you are looking for the best deal, make certain that lenders understand you are asking for a quote, not making a full application. Multiple applications can make lenders think that you are desperate for money, overstretched or even that a fraud is being planned. If your credit report shows multiple applications when you were only shopping around, contact us using the query info button and we will help you to set the record straight.
- If you are refused credit, check your report and resolve any issues before making more applications.
- Check that there are no address links on your credit report that you don't know about.
- Your report should only contain details of your current financial associates - people with whom you share a joint account or have made a joint application. If you no longer share that financial connection - or it never existed - let them know and we will look into it.
- Lenders take into account financial information about anyone you are financially connected with, as well as the information on your report, so it is worth suggesting that your genuine financial associates also get copies of their credit reports.
- If you have fallen into arrears in the past because of circumstances out of your control or because of a situation that no longer exists, you have the right to add a Notice - a 200 word explanatory statement - to your report. This will be seen by all lenders in the future and may be taken into account when they make their decisions.
- Never miss a payment of any accounts-ever, if possible and when something unforeseen happens resolve the problem as soon as possible.
We recommend that you consider registering with Checkmyfile, you will be able to:
- Obtain a free credit score
- Obtain a credit report
- Have access to their debt advice centre
- Free Identity Theft Check