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.
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