It is very very important to have a good credit records, whether you are applying for a loan or a credit card. The credit card companies and loan or mortgage lenders check your credit history before considering your application for loans, mortgage or credit cards. Hence, ensure that you always maintain a good credit history and record.
Understanding your credit record
Your credit record is the information a lender will look at when deciding whether to lend you money. About a third of all applications for credit cards are turned down, so it makes good sense to understand what information is used to make lending decisions; what you can do to protect it; and how you can ensure that the information held about you is correct.
This article answers some of the key questions you might have as well as explaining why it is so important to complete application forms for credit with care and who you can contact if you have any difficulties.
How to keep your credit record healthy:
Important Tips
· Always try and make your payments on time but if you think you are unable to do this, contact your lender as soon as possible. They will help you choose the best option available to you.
· Make sure you check your credit report with each of the three credit reference agencies at least annually and that the information is correct. If it isn’t, contact the credit reference agency concerned and ask for it to be corrected.
· Make sure that you are on the electoral roll.
· If you have paid a court judgement, make sure it is shown as settled on your report.
· If a bankruptcy order has ended or been withdrawn, make sure that this is shown on your report.
· Try not to make multiple applications for credit in a short period. A high number of checks by different lenders may lead to some lenders refusing you credit.
· Always complete applications for credit, accurately and honestly.
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