Jon's Blog
Practical tips to help you improve your credit rating and avoid expensive high interest loans
If you think you have a bad credit rating and but are looking to get a loan, these free reports will not tell you everything that you need to know.
There are free and paid-for reports.
Although the majority of people instinctively opt for the free option, there are 3 reasons why this may not provide you with all of the information that you need:
You will only have free access to your credit file details for 30 days from the moment that you sign up!
“I was very disappointed to find out that you can view your credit report in the 30-day free period only”
“I originally signed up for a free credit report with Experian over 10 years ago in order to view my current credit rating. After finding everything in order, I never gave it another thought and did not log back in.”
“However several years later, after having a personal loan application declined, I tried to log back in to my account and only to find that despite only using the service once, I no longer had access to a free credit report and would have to pay if I and wanted to see my credit score again.”
“I was very disappointed to find out that regardless of how many times you actually view your credit report in the 30 day period, you can only sign up for the free option once and would strongly recommend that anyone signing up for the free options bears this in mind.”
You can try checkmyfile free for 30 days, then for just £14.99 a month after, which you can cancel online at any time.
Many people obtain a free credit report in the belief that the information they find will guarantee the success or failure of their planned application.
The truth is that each lender has different criteria for their potential customers and as such, regardless of the information that you receive, the ultimate decision rests firmly on the shoulders of each lender.
For more information on why free credit reports do not offer a universal credit rating, please take a moment to view the following Debt Advice Foundation article: http://www.debtadvicefoundation.org/debt-tools/credit-score-checker
You can try checkmyfile free for 30 days, then for just £14.99 a month after, which you can cancel online at any time.
The free reports often do not show critical information such as joint accounts that will impact your credit report.
For example, if your partner has a history of bad debt, this could reflect on you!
The following Economic Voice article explores ‘The True Value of a Free Credit Report’. The true value of a free credit score | The Economic Voice
You can try checkmyfile free for 30 days, then for just £14.99 a month after, which you can cancel online at any time.
In the old days, a poor credit rating would simply stop you from getting a loan at a low rate.
But times have changed and it is now a factor across many aspects of your life
Click here to see some of the wide-ranging effects of a bad credit score.
With the importance of credit history, it’s important to understand how the credit scoring system works and what can impact it.
This is important because being registered to vote gives lenders proof of address.
Lots of different streams of debt will be viewed as a big negative. Demonstrate your ability to repay the debt by paying off and closing the relevant account as soon as possible.
Submitting too many applications in a short period of time will negatively impact your credit score and will be a major concern in the eyes of potential lenders.
Late or missed payments stay on your record for at least 3 years and are a definite red flag for lenders.
Lenders are widely known to place much less trust in those who move house frequently
If you hold (or held) a joint account with someone who has a bad credit record, this can also affect your ability to get credit. Close it as soon as possible.
Permanent jobs and regular income reflect positively on your credit report.
Click here to see some of the other common factors that can impact your credit score.
Almost every adult in the UK has a credit score produced by a credit reference agency.
These agencies rate your credit-worthiness by keeping track of your bills, debts, and repayments. You can gain access to your credit report by contacting:
You can try checkmyfile free for 30 days, then for just £14.99 a month after, which you can cancel online at any time.
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