Your credit report says a lot more about you than you may think, it’s a three-digit number which influences the interest rate on your credit card, the amount you can borrow or even the types of borrowing you’re eligible for.
There are a few different ways your score is worked out meaning there’s no magic score to guarantee lower rates or higher lending amounts, it’s simply a way for lenders to determine how likely you are to repay.
Avoiding late or missed payments on your mobile contract, credit card or any other loan can help boost your credit score.
Applying for multiple credit cards or loans within a short time period can negatively impact your credit score.
Make sure your details are correct on your credit report, and there is no inaccurate or incomplete account information.
No, requesting a credit report will not have any impact on your report. It’s called a ‘soft search’ when you look at your own credit history, this isn’t visible to companies looking at your report.
Your credit report will contain your current and any previous addresses; any financial connections you have with other people, for example a joint bank account or mortgage. Your credit report also lists details of any missed repayments, as well as your credit history with cards, loans, mobile contracts or utilities.
The information on your credit report comes from two main sources. The first is public information, gathered from the electoral roll or court judgements. The other is your credit history, which is supplied by current and previous lenders.
It’s a good idea to check your credit report regularly. It may be worth requesting a free report if your are changing job or moving house, applying for credit or are worried you may have been the victim of identity theft.
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