 Improve Your Credit Rating Online
Improve Credit Rating offers tips
and gives you access to your own credit report online
right now. Your credit rating is not static and can be
improved, once you have seen your own credit report you
will be able to pinpoint any aspects that could be
influencing your credit score, and you can set about
making your score better.
To jump straight to information
about improving your credit rating click here
How to Improve Your Credit Rating.
How To Improve Your Credit Rating
Each credit agency and
lender has its own credit scoring methods, but the
principles are the same. Here are the top tips to
improve your credit rating and credit score:
- Be on the Voters
Roll
Make sure that you are entered on
the Electoral Roll. If you are not, then contact your
local authority and notify them where you live. Not
being able to verify where you live from the official
records can reduce your credit score.
- Don't move address too
frequently
Moving from one place to
another regularly may suggest that a lender may have
difficulty tracking you down if you tend to be
unsettled and changing address. Stability can boost
your credit score. If you have to move regulalry then
make sure you are always on the Voters Roll and there
are no mysterious periods where you appear to
disappear from official records.
- Correct any errors
If
you check your credit report and find errors on your
credit file ask for the credit reference agency that
holds your file to correct the errors.
- Pay
bills on time
Make sure to pay bills
on time. It may be wise to assume that any lender may
share your payment records with a credit reference
agency. A lender is any company from which you
get credit, for example, monthly accounts, store
cards, mortgages, bank loans, credit cards. Utility
such as gas, water, electricity, and phone and mobile
phone companies share data too. Make sure your
payment record shows that you always pay on
time.
- Set up
direct debits
If you pay all credit
accounts by monthly direct debit you are less likely
to accidentally miss a payment, for example by being
away when a bill arrives or because a bill does not
get delivered by post. By keeping sufficient
funds in your bank account, and setting up direct
debits, the payments should always be on time and you
will appear to be a prompt
payer.
- Explain
any late payments
If you check your
credit report and see that you have been missing
payments or been in arrears, you have the right to
explain any exceptional circumstances that you would
like a future lender to take into account. This can
then appear on your credit file and anyone searching
your file in future will read this and may consider
this when deciding whether to lend you credit. You
need to contact the credit reference agencies that
holds your credit files in order to do
this.
- Check
your credit report
If you get a copy
of your credit report, you can ensure that it is
up-to-date, and make corrections and changes if
necessary. Click here for how
to See Your
Credit Report.
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Rating Reports... |
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See Your Credit
Report
Get your credit agency file
and see the credit report that lenders
see
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here >>
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Credit File Monitor
A late payment
could damage your credit rating - get
an alert
Click here >> |
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For Business Users
Get a company credit rating on any business instantly online now
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here >> |
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Business Credit Reports
Our partner service provides
online access to credit reports on any UK
business or company. You can also run director
searches and profile company directors. The report
provide detailed information that can include
credit risk status, credit and payment data, and
company accounts. Such reports are intended
to assist credit controllers who need to
make credit status decisions based on an
assessment of the financial status of the company,
how long the business has been trading, and the
financial resources. Searching a profile on the
directors can assist in revealing background
information about the director and their business
history.
Credit Rating
The credit rating in a business report is based primarily on the financial
status and age of the business. The credit agency will assess how long the
business has been trading, and check for any adverse data such as CCJ or late payments data where available.
The credit rating can be better for larger companies or those that are more profitable,
or have better liquidity or improved trends and resources. Liquidity is an important consideration as
good cash flow is essential to any credit assessment. Ultimately the credit rating and credit
score is designed to assess the overall level of confidence or risk that a credit granter can have,
and thereby improve the credit decision making and reduce credit risk. |
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