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It's easy to safeguard your credit rating if you follow our helpful tips:
Complete your loan application fully and accurately:
It is extremely important that you provide your lender with all the information they ask for. If the lender identifies an inaccuracy or any other incorrect information, this may well result in your application being refused and a warning being placed on your credit file. This would affect your ability to obtain future credit.
Make sure you are on the electoral roll at the correct address.
Lenders use electoral roll information to confirm your address so if you're not on the electoral role your application may not be accepted.
Make sure the information on your credit file held by the credit agencies is correct:
All the lenders use the big credit agencies such as Experian and Equifax to obtain details of your credit history. They then use this information to decide whether offer you a loan and if so, at what rate of interest. It is therefore vital that the information held by the credit agencies is accurate. For example, an outstanding county court judgment (CCJ) on your credit report could mean your loan application is declined. Remember, if you pay a CCJ within one month of issue, then it should not appear on your credit report at all.
If you are declined, do not make repeated loan applications:
Every time you apply for a loan your credit report will be searched and each search is registered for 12 months. If a lender sees a history of repeated loan applications on your credit report this will adversely affect your credit rating. If have been declined, you should speak to a loan broker who will be able to advise you on the prospects of getting a loan and they will know which lenders most likely to accept you.
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