Credit Rating

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Credit Rating

The average family with a low credit rating spends an extra £1,170 a year on mobile contracts, utility bills and EVERYTHING purchased on finance

The BEST deals from mortgages and loans through to credit cards and broadband are saved for the people with the best credit rating

Learn what credit rating you have and if there are any issues FOR FREE

There are some QUICK AND SIMPLE ways to improve your credit rating and keep it ‘good’

Need to know

  • The first thing to do is CHECK YOUR CREDIT RATING
  • Check there are no errors on your credit record, like incorrect addresses. If there are mistakes then CORRECT THEM by writing to the Credit Agency and asking them to change it 
  • If errors aren’t corrected, you can ask for your comments to be shown on a Notice of Correction. This may cause delays but improve your chance of being accepted for credit
  • Take simple steps to improve your credit rating. Getting on the Electoral roll and cancelling old contracts are simple actions that can quickly improve your score
  • End financial associations with ex-partners. Whilst their own credit rating won’t impact yours, taking out a product jointly with them will
  • Applying for more than 4 forms of credit in a year can worsen your credit rating, so only apply for credit when you need it
  • There are credit cards available that will help you BUILD your credit rating
  • Be SMART. Make payments on time. If you are having problems, talk to your provider and agree a minimum payment. This is better than missing payments 

Check credit score

Equifax

Why we like it:

  • Free* trial for 30 days
  • Easy-to-understand information for each item on your credit score
  • A user can cancel their subscription with Equifax at any time
  • Identity protection – be alerted if your financial details are used on websites used by fraudsters

Watch out:

  • Please note that £14.95 monthly fees apply to the consumer following the 30 day Free Trial of these products if the user does not cancel within the trial period.
  • A user can cancel their subscription with Equifax at any time. You can only cancel by phone.
Free trial only available to new customers and a monthly fee applies after the free trial.
Experian

Why we like it:

  • Get your credit score with Experian, FREE FOREVER!
  • Check your credit score with Experian, updated every 30 days when you log in.
  • No matter how many times you check your score it will never be negatively impacted.

Watch out:

Noddle

Why we like it:

  • Free credit report, updated each month
  • Very clear format and simple to use

Watch out:

  • Gives you a rating out of 5, NOT your actual credit score (out of 1,000)
  • Need to have a UK credit card to verify your identity

Improve credit rating

Get on the electoral roll

Why we like it:

  • very quick to do

Watch out:

  • you will need to print and sign documents

Build credit rating

Build your credit rating with a credit card

Credit Builder Cards

Why we like it:

  • View a selection of credit builder cards

Watch out:

  • Make sure you don’t borrow too much and get in more debt

The inside track

  • Customers with an ‘excellent’ or ‘good’ credit profile normally have all or most of the following characteristics:
    • Employed in same job with same employer for a reasonable period (or long term self employed)
    • Same address for long period and on the electoral roll
    • Never missed a payment and not been late with payment in recent years for credit or utilities such as gas, electricity etc
    • A homeowner (maybe a tenant if in a very desirable residence or location)
    • Same bank account for a long period
    • Plenty of credit history e.g. has credit cards
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Sarah Willingham

Sarah Willingham is a serial entrepreneur, business investor and leading consumer expert. She has received a number of accolades for her contribution to business including The Sunday Times 500 Most Influential People in Britain 2016, The Times 35 Most Successful Women Under 35, Business Weekly’s Young Entrepreneur of the Year, Courvoisier Top 500 and an entry into the Who’s Who of British Business Leaders. She holds three business degrees including an MBA from Cranfield School of Management, where she is also an advisory board member.