RSS feed:
Categories
ARCHIVES
This year’s must-have – a clean credit rating
If ever there was a time to keep a very close eye on your credit rating it’s now. An increasing number of personal loan applications are being turned down which, just a few months ago, would have been welcomed.
Exactly why some applicants are turned down is often a mystery. Sometimes it is simply due to a mistake on your record. The advice is always to directly check your file via any of the credit reference agencies – Experian, Equifax or Callcredit. It costs only £2 and it might make all the difference to your future financial position.
If you do find an error on your file you should get in touch with the agency immediately telling them what needs correcting (provide supporting evidence if you can). The item should then be ‘flagged’ as disputed. You can also add a ‘notice of correction’ if there are details that warrant an explanation.
Above all, try to avoid being rejected for credit repeatedly. Every time a company views your file it leaves a mark, known as a ‘footprint’. You can see who is checking your file but it also lets the checker know how often you are applying for credit.
Don’t just miss bill payments as this can have a bad effect on your record. If you can’t make a regular payment, stop the direct debit and get in touch with the company concerned. Paying late might avoid a bad entry on your record.
Finally, make sure you appear on the electoral roll and close any credit or store cards that you don’t use.
November 18, 2008 at 10:42 am | personal loan | No comment
Trackback URL for this post:
http://www.personalloansmadeeasy.co.uk/loans-uk-info/personal-loan/this-year%e2%80%99s-must-have-a-clean-credit-rating/trackback/