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How to obtain a free copy of your credit report

Getting a copy of your credit report is a simple process - simply sign up at any of the major credit report companies, enter your details and confirm your identity and they will be happy to display your credit report and score, usually completely free of charge.

It is worth noting however that different banks check credit ratings with different credit report companies, so it can be beneficial to sign up to each of the credit rating agencies to check your report to ensure there are no mistakes or omissions from your file that may negatively affect your chances of getting credit.

The main companies used for these checks are Experian (who operate under the brand Credit Expert), Equifax, and Call Credit.

An alternative is to use CheckMyFile, who will automatically grab your credit rating from all of the credit report companies at once. Unlike registering directly at the individual credit report companies, this service is not free - however at less than £10 for a basic report it is often worth the additional investment to save you time logging into each of the credit report companies individually.

How does debt consolidation affect my credit score

With many people in the UK struggling with unemployment and dealing with escalating debts, debt consolidation has become an increasingly popular option. One concern many people have with debt consolidation is how it affect their credit score. There are three main debt consolidation options in the UK, each of which has a different impact on credit scores. The three common debt consolidation options are debt consolidation loans, debt management plans, and individual voluntary agreements.

Debt Consolidation Loan

How to improve your credit score after bankcrupcy

If you have a bankruptcy on file, you should work hard to improve your credit. It will take time for you to build your credit, but it is worth it. Follow these tips for how to boost a credit score after bankruptcy.

Apply For Credit

You should start by opening some credit accounts or taking out a small loan. It may be difficult for you to find a lender that will approve your application, but it is not impossible. Search for banks or lenders that extend credit to people that have bad credit.

Pay Your Bills On Time

How does my credit score affect my mortgage rate? Is it important to increase my rating to get the best deal?

Credit scores are some of the most confusing and elusive financial elements in the world. For one, many people do not understand exactly what a specific credit score (i.e. 692) means or what factors can affect it either positively or negatively. The other element that makes a person's credit score confusing is how quickly it can either shoot up or down in a given time period, again due to factors that many people are unaware of. The fact is, having a good credit score is crucial to your financial role and can make or break your chances of getting a good mortgage rate.

Why is a credit score important? Is it worth trying to improve it?

A credit score is an independent assessment regarding the risk associated with lending money to a certain individual. The assessment is based off of the historical data which is included in someone’s credit history. In the UK, Experian and Equifax are the credit bureaus who compile all consumers’ credit history and relay the information to businesses or banks when someone applies for a line of credit.

What are the best things to do to increase my credit score?

If you have poor credit, you should work hard to improve it. Good credit is very important because it will help you get approved for credit cards, personal loans, auto loans and a mortgage. Also, if you have good credit, you will pay less in interest for loans and credit accounts, so it will save you money. Read these tips if you want to repair your credit.

What Rights Do Landlords Have to Credit Check Me as a Tenant?

A credit check is often required by landlords before they will approve a prospective renter, and many future tenants are wary of the process and frequently question what rights landlords have when it comes to investigating applicants. While any individual or company is legally allowed to request a credit check, customers must know in advance and express their permission for them to actually perform the check.

Can I Refuse a Credit Check?

How to run a credit check on a tenant

Before a landlord can rent an apartment out to a tenant, it is important to run a credit check. If they fail to check the credit of a prospective tenant, they risk renting out to someone who makes late payments consecutively and doesn’t have a good grasp on their financial state. Checking a tenant’s credit will look into their financial history and ensure that you are renting out to the right person.

Written Application

Is it better to pay off my credit card debts in installments or a lump sum in order to improve my credit score?

It is difficult to offer a definitive answer to this question as there are many personal factors to consider. Obviously the longer you have outstanding debt the more interest you will pay and you may wish to simply be rid of your debts completely. If you are striving to clean up your finances it may be preferable to pay off as many cards as possible and focus on meeting one or two monthly payments instead.

Does moving your bank account affect your credit score?

Yes, it can have an impact. As the length of your history with any lender is an important factor in your credit score, closing down your account with your previous bank can impact your rating.

It is possible to keep the two accounts open, but if this could tempt you into running up both overdrafts that is probably a very bad idea. Conversely you may decide that you are unlikely to need to make any significant extra credit in the near future and so decide to close down your old account immediately.

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