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How to improve your credit score

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Applying for a mortgage, credit card or loan? Taking out a new mobile phone or energy contract or even paying car insurance monthly? Opening a new bank account? Then you’ll want to make sure your credit score is in tip top condition! Why? Because a credit rating helps the lender decide if you are their idea of a trustworthy customer.

‘People should think of their credit report as their financial CV. You wouldn’t apply for a job and let an employer look at your CV without first checking to make sure it’s up to date and paints the best picture of your suitability for the role – so don’t apply for credit before giving similar attention to your credit report,’ says James Jones of Experian.

How does it work?

Whether you’re applying for a store card, a mortgage or a buy now pay later scheme, the lenders use different methods to calculate your credit score. The higher the score the more likely you are to get credit with the lender and, equally important, you’ll also get the best possible rates on financial products.
If your credit score isn’t great, you may still get the money but on less favourable terms, eg it could cost you more in the long run.

Keeping an eye on your credit score should be a basic for good money management.

If you get rejected for credit by one lender, it doesn’t mean they all will reject you. Different lenders look for different things and will score you differently. Credit blacklists are a myth, but if you’ve had a poor credit history or problems it will be harder for you to get credit.

how to boost you credit rating

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Get to know your credit report

All lenders use financial data provided by at least one of the UK’s three main credit reference agencies – Equifax, Experian and TransUnion (previously Callcredit).

It’s free to check your files by law and it’s important to do this regularly to make sure there are no inaccuracies. Try and check at least two of the three agencies as they won’t hold identical information about you.

TIP
Some lenders will do a ‘soft search’ or ‘quotation search’ on your credit file to tell you if you qualify and what the rate will be. This isn’t added to the data kept about you for all lenders to see. Ask the lender or use Moneysavingexpert’s own free eligibility calculator.

What to check…

Not together still?

      You may not realise it, but if you open a joint bank account or take out a mortgage with your partner or flatmate, you become ‘financially linked’ to them. If they have a bad credit rating, it could impact yours too so keep your finances separate.

      If you split up, divorce or move out, close all joint financial products, and let all three credit reference agencies know. Otherwise, your ex’s financial dealings could still have an impact on your credit score!

      Close old accounts

      We’ve all got them cluttering up purses and bags, old store cards or credit cards we’ve stopped using, or just haven’t noticed there are redundant direct debits ticking along in the background. You may have forgotten about them but all of these things, if they are still active will be taken into account by lenders when they decide whether to lend to you. So close all accounts you don’t use or need any more.

      Moved house?

      Remember to update your address with any credit cards, mobile phone providers, etc when you move.

          Join the electoral roll

          This is the easiest step you can take to improve your chances of being accepted for credit, get on the electoral roll. Prospective lenders and credit reference agencies use this to check you are who you say you are and live where you say you live. If you move, always make sure your credit record shows correct address details and use that same address when making credit applications. Join the electoral roll via gov.uk.

          boost credit score

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          How to boost your credit rating:

          1.Pay like clockwork

          Avoid missing repayments or making them late (for anything from mortgage to utility bills) – otherwise they will stay on your credit record for up to six years. If, when you check your report, you find something on their that wasn’t your fault and can prove this, talk to your credit provider about getting the error removed.

          2. Pay off your debts

          Pay off more than the minimum repayment – this shows prospective lenders you are managing your debt well and taking it seriously. Don’t max out your card’s spending limit either – using more than 90% of a credit card’s limit can reduce your credit score.

          3. Get a credit card

          If you don’t have a credit card, it’s worth getting gone and here’s why. If you’re asking a lender for money and have no track record, it makes it harder for them to assess you. You can get card that’s designed to help you rebuild good credit. The rates on these cards are really high but as long as you repay the card in full each month you won’t be charged interest. This will build a good credit history and shows a responsible attitude to debt.

          4. Don’t apply for credit too often

          Every time a credit search is made by a lender, it leaves a ‘footprint’ on your file for a year. So, before you apply to borrow any money, do your research, check best buy credit card tables online. Too many credit searches in a short space of time looks a bit desperate and could make your application less attractive. If possible, find out if you are likely to be accepted before you buy by using an eligibility-checking service.

          ‘It will help your credit score if you let some of your credit accounts mature. For example, holding the same credit card for five years can add 20 points to your Experian Credit Score,’ says James Jones.

          Tip: If you are renting, check out schemes such as Rental Exchange and Credit Ladder to help you boost your credit score.

          Never pay for a credit repair company, if you need help with debt, go to a free debt agency such as National Debtline or Stepchange.org.

          If you’d like more great money reads, SIGN UP HERE for our fortnightly Financially Fabulous newsletter!

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      Credit Repair Companies

      What is a Credit Repair Organization?

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      A credit repair organization is a company that offers to repair your credit for a fee. These companies boost your credit score by cleaning up your credit reports by asking the bureaus to fix errors and remove erroneous charges. But, is a credit repair company essential for your credit’s health? Read on to find out.

      Tips for Using a Credit Repair Organization

      If you plan on using a company to help you clean up your credit reports, make sure to put some safety measures in place and find a reputable company such as Lexington Law.

      Credit repair companies often get a bad reputation, but that doesn’t make all of them bad or unscrupulous. If you decide a credit repair company can help, there are a few things you should check out before you take the plunge:

      • Don’t sign a contract until you review it – You should always get a copy of the contract in writing before you sign. Review the fees the credit repair organization charges, look carefully at what they say they can do for you, and make sure you’re not locked into a long-term contract. If a company doesn’t let you have an agreement in writing or let you out of the agreement you’re not happy with, you should reconsider.
      • Research the company with the BBB – It’s a best practice to always look at Better Business Bureau reviews, and pay attention to consumer reviews as well. If the company has too many complaints, you should proceed with caution. Also, beware of organizations that don’t have any negative reviews. When researching, a good tip is to look at all of the middle-of-the-road comments first. You can also ask the company for information about satisfied customers.
      • Make sure the company is bonded – A bonded company has posted money to protect its customers from fraud, or in the event they go out of business. Some states require credit repair organizations to be bonded. Using a bonded company is no guarantee, but it gives you an added layer of protection should something happen.

      Protecting You Through Law

      Because of the reputation of these organizations, and the tendency of some services to use fraudulent methods including scamming consumers, the government put the Credit Repair Organizations Act (CROA) in place. The CROA is designed to protect consumers from dishonest companies. This law helps consumers be aware of their rights when using a credit repair company.

      Under the CROA, a credit repair organization can’t legally:

      • Alter your identity, or advise you to do so – this includes applying for/using an employer identification number (EIN) to get a clean slate on your credit history.
      • Tell you to lie about your credit history, or lie on your behalf – this goes for both current and future creditors.
      • Lie about the services they can provide.
      • Ask you to pay for any service before it’s completed.

      When you enter into business with a credit repair company, the CROA states that they must provide you with a contract and provide a three-day cancellation window. Only after this window passes can the company start the process.

      Credit repair services are also not allowed to insist you sign any form which would waive your legal rights. If any organization disobeys these rules, you have the right to protect yourself by taking the company to court. This right extends for five years, either from the date the wrong occurred or the date you find out about it.

      Save Money by Doing These Tasks Yourself

      What is a Credit Repair Organization?It doesn’t take a credit repair organization to repair your credit. If you’re considering doing some of the same things they can, all it’s going to cost you is time.

      For example, you can monitor your credit reports for free, check for problems, and write to the credit bureaus to fix these errors, or let them know if some of the items on your credit reports aren’t yours. You can also create a better credit profile by paying all your bills on time each month, and by not carrying high credit card balances.

      One downfall to the process of doing this yourself is that you have to regularly follow-up with the credit bureaus to ensure your reports get fixed, and that can be very time consuming. Also, you may not have the expertise that a trained credit counselor has, which could be a disadvantage.

      Are You Ready to Take the Plunge?

      If your credit needs repairing, you should know that it’s something you can do yourself. In addition to fixing negative marks that show up on your credit reports, you can also improve your credit history by getting a car loan. This is an excellent way to make a positive impact on your credit.

      Not only does an auto loan add a new line of installment credit to diversify your credit profile, making all your payments on time also helps to build a positive payment history. Payment history is the largest factor that contributes to your credit score.

      If you fear you’re not eligible for a car loan because you’re looking into credit repair, think again. There are special finance dealerships across the country that have lenders ready to work with people who suffer from bad credit, no credit, and even bankruptcy. At Auto Credit Express, we can help point you in the right direction by matching you with a local dealer. Get the process started today by filling out our easy auto loan request form now.

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      Credit Repair Companies

      Latin Lawyer – Three firms in Mexican credit repair acquisition

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      Garrigues (Mexico) has helped US finance companies Vulcan Capital and Freedom Financial Network purchase a minority stake in Mexican credit repair company Grupo Resuelve tu Deuda from Crédito Real.

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      Credit Repair Companies

      Free credit repair consultation for people in credit distress – Press Release

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      Free credit repair consultation for people in credit distress

      At a time when the number of people with negative credit listing has increased, Intel Credit Consultants is coming to the aid of the credit distressed individuals and business through offering free credit repair consultation.

      With the rate of credit default reaching new levels, a credit repair company is offering individuals and business a free consultation. While announcing this credit repair assistance, the lead consultant at Intel Credit Consultants said this is meant to help individuals and businesses make informed credit decisions. “We are aware of the situation  occasioned by the pandemic and we would like people as well as businesses to come out strong , remove their negative information and improve their chances of getting credit to finance their activities,” said the company representative while urging those in need of credit repair services to register for free consultation.

      Intel Credit Consultants relies in a pool of experienced credit repair professionals to help its clients. The team is reputed for its experience and high skills as well as dedication to provide assistance quickly and effectively. The company representative says that the team goes out of the way to ensure customer satisfaction and delivering the desired results.  He observes that the free consultation is a step towards providing a path that will streamline a customer credit path and open avenues where they can live comfortably without being bogged down by issues of negative listing.

      “The importance of credit repair cannot be overemphasized, it can open many doors for you especially if you are considering buying a house, a new car, furnish your house, taking a loan among other financial decision. We are providing assistance that will help improve your credit score,” said the lead consultant while adding that they are a reputable firm, a choice of many people looking to repair their credit fast and at affordable rates.

      While explaining how they operate, the company spokesperson said the first step is becoming a member through signing up. The new member is supposed to choose a plan where they analyze the available options. The credit repair company has a variety of programs that a member can choose from. Once a customer provides all the necessary information and documents, the company representative says they can now sit and see the progress. “On average our clients see an 85 point increase in their credit score in a period of one month,” said the representative while adding that they have received numerous testimonials from customers who are happy with their services. “We are happy to hear positive feedback from our customers, we are pleased to learn that we made a difference in their lives, providing an avenue where they can improve their financial standing. This is who we are, a credit repair company that makes a difference in people’s lives,” said the representative while reacting on the positive testimonial from the customers.

      Intel Credit Consultants promises to continue offering credit repair assistance, encouraging those who are looking for services to take advantage of their free consultation through booking an appointment through their website: https://intelcreditconsultants.com/

      About Intel Credit Consultants

      Intel Credit Consultants is a US based black owned credit Repair Company. The company that puts its clients needs first making sure they are educated and well informed on every credit decision.

      Media Contact
      Company Name: Intel Credit Consultants
      Contact Person: Media Relations
      Email: Send Email
      Phone: 866.990.7175
      Country: United States
      Website: https://intelcreditconsultants.com/



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