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5 Tips To Get A Better Credit Rating Score

A good credit rating is crucial to being able to get loans and mortgages. It is probably even more important nowadays, when lenders became suspicious of people with bad credit histories due to the credit crunch. Below we give you some hints to improve your Credit Rating

1. Check Your Credit Rating

• It is vital to be aware of your current credit rating and examine if it’s accurate. You can gain access to your credit rating via agencies like Equifax and Experian. According to the consumer credit act of 1974 , you are entitled to see it at a cost of £2. This £2 figure is established by the government, therefore if agencies start charging a lot more be very suspicious. If you spot any inconsistencies chase them up with the financial institution involved.

2. Understand why you were turned down

• Although it is not compulsory, the majority of companies will provide an explanation why they rejected your application. This can be advantageous in understanding what you have to do. Additionally, it can help you avoid applying for the same products and being rejected in the future.

3. Avoid Getting Repeatedly Rejected

• Those who have a trail of turned down applications will become suspicious to other companies. If your application is rejected, try to understand why, wait a while and then try again. Applying on mass should be avoided; make sure you do one at a time.

4. Avoid Being associated with bad debtors

• If your debt is joint with someone else whose credit history is bad, this can seriously damage your credit score. If you have an ex partner, who has a bad credit history on your credit report, have them removed.

5. Make Sure You are on the Electoral Roll

• Companies investigate this and become suspicious of people who avoid being on the electoral roll.