Credit Rating Repair FAQs
If you have questions regarding credit rating repair then why not look at some of our most frequently asked credit rating repair questions?
There are many credit reference agencies to choose from, but it is always wise to use the company mortgage lenders use. The main players are Experian, Equifax & Call Credit. Ensuring your information is accurate and up to date with these companies will mean, when a mortgage lender credit searches you, they will see the right information.
Why should you ensure your information is correct?
Incorrect information registered on your credit file may actually prevent you from obtaining a mortgage, credit card or loan. Also ensure that your full address history is correct as there may be problems you are not aware of from a previous house move.
How quickly should I aim for credit rating repair?
Having a poor credit rating will work against you and so it is important to acknowledge the debt and aim to repair your credit rating as soon as possible. Unfortunately many people who get themselves into debt do not realise that although it is incredibly easy to get into debt it is much more difficult to repair your credit rating and bad credit will follow you around and work against you every time you want to get a loan of any kind. Therefore it is of vital importance to address your bad credit rating as quickly as possible.
Where should I start when it comes to credit rating repair?
A good place to start when addressing credit rating repair is to obtain a copy of your credit rating report. Many people find that close examination of the credit rating report reveals various mistakes and inaccuracies within the report. If you find any such errors it is important to advise the credit agencies immediately. They will then be required to follow this up and correct any of these discrepancies. For many people this will be the first positive step in their credit rating repair. By thoroughly researching the situation you are in, you will ensure that you are better equipped to begin tackling your credit rating repair.
What is the most important part of credit rating repair?
Trying to clean up your history of bad credit is one of the most important steps in credit rating repair. You will need to wipe the slate clean in order to begin all over again and even then you may find that it is a while before your bad credit history is wiped from your record. By paying off all the existing debt, you are well on your way to repairing your credit rating.
Some tips on improving your credit rating:
- Keep up-to-date with existing credit – Paying your existing credit card and loan repayments ontime will show that you’re likely to be able to meet future credit payments. Also, if arrears have built up, try and repay the backlog of interest you would have accumulated.
- Be patient – If you’re refused credit for a product or service, there may be reasons you are unaware of. Instead of applying to other providers, try and find the source of the problem by checking your credit file or speaking with one of our advisers for help.
- Electoral Roll – Ensure you are registered on the electoral register. This makes it easier for companies, finance houses and retailers to check you live where you say you live! It can also help track how long you have been there and any previous addresses you might be associated with.
- Declare all information – Previous addresses, linked addresses, previous name changes. These are all factors which may conceal issues in your history however the lenders have ways and means of checking all of this, so be upfront and honest as this may save you time and money.
- Repay bad debt – CCJs, defaults etc will all stay on your credit file for 6 years. It always looks more favorable if you are able to repay this debt instead of leaving it outstanding. It may also be crucial to future applications that this debt is repaid.