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Getting control of your credit rating

Getting control of your credit rating

Last updated 11th Aug 2022
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Maintaining a healthy line of credit can bedifficult, particularly as a financial emergency can happen at any time. Butwith a few simple checks, you can begin to improve your line of creditdrastically. In this article, we will be providing you with insight into someof the ways that you can take back control of your credit rating.

Check For Mistakes On Your File

One of the easiest ways to take backcontrol of your credit rating is by looking for mistakes on your file. Whetherthis is a mistake on the address or the wrong payment information, this can alllead to your credit score being affected. If you do find any elements that arewrong, it is important to reportthem immediately. This will ensure that all information is correct andprevent any negative impact on your credit score.

Pay All Bills On Time

Another way that you can prevent a negativeimpact on your credit score is to pay back all bills on time. Whether this isdirect payments for a car or a mortgage payment paying this on time willprevent any negative impact on your credit score. This will, therefore, help tostrengthen the credit score and show potential lenders that you are able tomake repayments on time and are smart with money. This will, therefore,strengthen the chances of being accepted for loans in the future. If you arealready suffering from poor credit, there are several best guarantorloans on offer to provide you with a means of reaching financial aid if youneed it. Though these are specifically designed to help those with bad creditduring financial difficulty, this poor credit score could affect the chances ofgetting a mortgage. By improving your line of credit, you are thereforeallowing yourself to have more negotiating power. 

Keep CountyCourt Judgements To A Minimum

If you have hadrecent issues with money and have appeared in court for your debt, then thiswill affect your credit score. The more marks that you have against your namewhen it comes to finances the weaker that your credit score will be. Countycourt judgements can remain on your credit score for around 6 years. Thoughthis is not detrimental to your credit score, this combined with debt and otherlate payments can lead to you experiencing a lower credit score. In return,there will be higher interest rates and maybe even caps on several loans.Therefore, it is important to be in control of your finances and prevent theseissues from going to court if you can.

Register OnThe Electoral Roll

The final waythat you can improve your credit score is to register on the electoral roll.If your name does not appear on the electoral roll, this can make it harder toobtain a line of credit. Even if you decide not to exercise your right to vote,having your name on the list will help you to have some form of credit. Thiscan either be registered to vote either online or by post making this one ofthe easiest ways to register.

Whether you arenew to credit scores or you are looking to improve your credit score as itstands, each of these simple steps can help you to boost your credit ratingover time. Which of these will you be trying first to help improve your creditscore?

Staff Writer

Staff Writer