Making Sense Of Money

Credit Repair

Credit Repair

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Living with a less than perfect credit rating is not ideal and will almost certainly affect the ability to obtain future credit. Nobody just gets a good credit rating – it has to be earned.

That’s why it’s important to keep your file as clean as possible and to not just accept a poor rating but look to improve and repair your credit.

Bad Credit Information

 

What Is Bad Credit >

The Causes Of Bad Credit >

The Credit Check >

How To Avoid A Bad Credit Rating >

Credit Repair Made Simple >

 

Credit does not just mean loans … mobile phone contract, monthly direct debits for the car insurance, the council tax, store cards, credit cards … all these and more represent credit agreements hence why it’s so hard to retain that perfect rating these days.

Anything less than a perfect credit rating can affect options when it comes to future borrowing. Any misdemeanors are recorded on your credit file and are there for any potential lender to see. Arrears, defaults, late payments, CCJs are all recorded as a black mark on your credit report and any application that is declined is also there for all to see.

You may not even realise that your file is raising questions about your credit worthiness – very often the first anyone notices is when a credit application is declined and, as we said, this rejection will compound the problem.

A bad credit rating may not prevent access to credit but it’s likely to be through the sub-prime market which automatically means higher interest rates and limited choices.

Of course, mistake do happen and sometimes an error is recorded on your credit file which can also adversely affect you.

It’s therefore in your interests to keep an eye on your credit file and take any credit repair steps necessary to give you that perfect credit rating once again. The more you understand your credit file, how it woks and how any potential lender uses it, the easier you will find it to take control of your credit rating which, in turn will mean increased options when it comes to future borrowing and improved interest rates!

Whatever your credit status it is possible to repair it but it may not happen overnight. There are companies you can enlist to help you rebuild your credit rating but it’s also possible to do it all yourself.

    

 

There are just three main credit agencies in the UK who hold your official records, these are your files and you have access to the information contained within them. These agencies are:

Equifax plc: http://www.equifax.co.uk/

Experian Ltd: http://www.experian.co.uk/

Callcredit Ltd: http://www.callcredit.co.uk/

For a very small fee you are able to access these files, analyse the information held, check the accuracy, identify any problem areas and then get to work on putting everything right.

We hope that the pages in this section help you to understand and restore your credit rating – Good Luck!

What Is Bad Credit

Posted by on 5:35 pm in Credit Repair | 0 comments

What Is Bad Credit

Credit history or credit report is a record of an individual’s past borrowing and repaying, including information about late payments and bankruptcy. Whenever an application for credit is made, be it from a bank, building society or other financial institution, a store card or credit card company, the information is forwarded to a credit reference agency. The credit agency checks the name, address and other identifying information of the applicant with the information already held in its files. It’s therefore very important that any...

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Bad Credit History – The Causes

Posted by on 5:28 pm in Credit Repair | 0 comments

Bad Credit History – The Causes

The demand for bad credit loans is on the up as more and more people struggle to retain a perfect credit history and lender confidence but just what factors can cause such problems? Every time you apply for any form of credit the lender will do a credit check in order to check back on your lending history and to make sure you have always paid your creditors in a responsible manor. If you have then they are confident that you will treat them the same and are likely to lend but if they see historical issues and problems then they make think...

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The Credit Check

Posted by on 5:21 pm in Credit Repair | 0 comments

The Credit Check

We’ve all been there – biting our nails whilst the nice lady in the bank leaves the room to go and check just how credit worthy we actually are. Just how do they check, how do they score and what can they find ? What is a credit check? When you apply for a loan, credit card, store card or mortgage, the lender will conduct a credit check before approving your application. To define, a credit check is the process of judging the creditworthiness of the borrower by reviewing his credit repayment history. The lender basically examines...

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Avoiding Bad Credit

Posted by on 5:11 pm in Credit Repair | 0 comments

Avoiding Bad Credit

Most people owe money to some extent but how you manage your debts is what counts on your credit file – anything you do wrong is recorded and creates your credit history – a file which lenders use when deciding if you represent a good risk to them and hence if they will lend you money. When we talk about credit it’s not just loans and mortgages but also other lines of credit such as monthly insurance direct debits, mobile phone contracts etc. There are many different reasons you may have a bad credit history which can make...

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Top Tips To Repair Bad Credit

Posted by on 4:37 pm in Credit Repair | 0 comments

Top Tips To Repair Bad Credit

10 top tips to help you to mend and improve your own credit score and repair credit history. One of the easiest ways to repair bad credit and  improve your credit score is to repay your debt – simple but easier said than done! It’s true though, lenders feel much more comfortable offering money to customers if they know that the customer hasn’t “maxed out” all their existing debt elsewhere. 1. Pay Off Debt When You Can If you are using more than 50 per cent of the credit already available to you, then you are using too...

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