Struggling to get the best credit deals? It’s because of what shows up on your credit report.
If you are looking to take control of your debt, maybe you want to consolidate the money that you owe, or are looking to reduce the amount of interest you pay on your current debts, you need to take a look at your credit report and what shows up when potential lenders run a credit check.
By understanding what your credit report shows and how it looks to creditors, you can take any necessary steps to make yourself look more attractive to lenders and therefore get access to more affordable deals – helping you to manage your debt.
Get A Credit Check Report
It is surprising how many people don’t know what a credit check is or what a credit report shows and how it can affect your access to affordable credit.
Everyone should use their credit report to help manage their debt, and you can get access to your personal report through CreditExpert.co.uk .
Understanding your Credit Check Report
So what does a credit check show you and how can the information on there can give you an insight into what lenders think of you?
See what lenders see when they are considering your application – By understanding the information on your credit report and how it is interpreted by lenders, you can take any steps needed to improve it. This increases your chances of getting the best deals on things like mortgages.
Boost Your Credit Score
Your credit score – If you have a low credit score, this could explain why you are finding it difficult to switch to lower deals or consolidate your debts. Look at your credit report and see what you can do to boost your score. For example:
- Have you applied to multiple credit providers in a short space of time? The more searches on your report over a short period of time, the lower your credit score. To creditors, this is a sign of being in financial difficulty.
- Have you been late in making payments on any loans or credit cards? This goes without saying but, if you are late making payment to existing creditors, it will affect your ability to get another creditor to trust that you will pay back what you owe them.
- Is there incorrect information showing on your report such as false address details or searches that are nothing to do with you? If so you should contact the provider of your credit report because people could be compromising your availability to get credit by using your identity.
Limitations of Credit Check Report
The limitation of using a credit check to access your credit report and assess your eligibility for a loan, mortgage or credit card, is that it doesn’t allow lenders to take into account what you are trying to achieve by applying for credit with them.
For example, if you are looking to consolidate your debts and the monthly payment from doing this is more affordable, so you will be more able to make payments on time, this isn’t taken into account.
Lenders make their decision purely based on what your credit score and report says.
This is even more reason to be aware of what lenders see when they run a credit check on you. Managing your credit score is the only way to get access to the best deals and interest rates available, potentially saving you £100s a year on interest payments.
Articles on Money Saving, Making Money & Finance Etc
- A Guide to Creating A Saving Plan That Works
- How minimum wages affect living standards
- The cheapest way of transferring money abroad
- How To Have an Exact Calculation of Your Monthly Mortgage Payment
- Exploring remote games
- Why Updating Your Office Window Treatments will Help Increase Productivity
- Some Fun Ways That You Can Make Money From Home
- How to Find a Loan When Your Savings Fall Short in an Emergency
- Low-Cost Ways to Start A Home-Based Business
- How to make large profits out of property
- 5 Top Tips For Taking Your Pension Early
- Finding the Right Loan Option for Your Lifestyle
- Getting the most fun for your money
- Use a Credit Report to Get the Best Credit Deals
- How to Keep on Top of your Household Bills
- How Your Credit History Really Affects Your Mortgage
- Save Money when Living Alone
- Green Ways to Save Money in Winter
- Money Saving Tips – Helping Your Home Finance
- Financial Planning – Make a Budget and Take Control
- Reduced Payment Arrangements & Bankruptcy
- Green Investment Opportunities
- Renovating? Don’t let it affect your home insurance
- Headline Interest Rates for ISAs
- A few reasons why you should buy home insurance
- Living on a Budget Need Not be Bad
- Save Money with Casino Comps: Boost Your Bankroll Instantly
- Speculate to accumulate: How educated gambling can help you earn money
- Are Binary Options Investing or Gambling?