What is your credit report?
Aggregated from your loan and repayment history, your credit report details essential information about how you engaged with credit lines in the past. This helps providers understand and predict the level of risk involved with helping you borrow – from financing, mortgage provision, and the allocation of credit cards.
You can find out more about your credit report by visiting your provider’s website. Or if you want to find out more about other options available to you, sites like Moneysupermarket and Moneysaving Expert have extensive guides that can help you quickly get up to speed.
How can it affect you?
Simply put, the better your credit score, the better options you will have available to you. This can include favorable rates of repayment, increased credit limits, and an increased range of variables when it comes to loans. On the other hand, poor credit can see these options closed off to you – preventing you from securing quality repayment offers or taking our lines of credit at all.
In addition, other institutions such as employers, insurers, and utility providers can see your credit report. This can be positive and allow you to secure unique offers or add to your choices when it comes to renting or loan repayment. On the other hand, a poor credit score can quickly dissuade providers from engaging with you in the first place.
What options are available?
Take stock:
If you have been affected by a bad credit score, it is important to take time to review your credit report and identify any areas where repayments have been left out or not yet amended. Appealing a credit report can take time, but it is essential to make sure that if there are any elements that should not be present or have been left out, they are addressed as quickly as possible.
Best Practice:
Even if you are unable to make changes to your credit status, it is vital that you take action to introduce change to your financial management. This can be as simple as automating your card payments, rearranging your budget to allow you to comfortably repay loans, or contacting your provider to work out a change to your payment arrangements.
Professional Guidance:
If you need further advice, it can be helpful to seek out professional guidance. Take some time to review advice sites that suit your specific needs – whether it is disputing issues, understanding the cause of your credit, or taking steps to resolve it. When it comes to dealing with personal finance, there is no such thing as having too much information. Take your time to seek guidance and action your findings when you are ready.
What should I do next?
If you need further guidance about the options available when it comes to repairing your credit rating, you can learn more about undertaking an updated review at Crediful. Our in-house team is happy to work with you to find a bespoke solution that matches your unique need and helps provide the support you need to steadily and simply improve your rating over time.
