It is important to improve your credit report so you can improve your chances of getting the best credit deals available to you. The best way to improve your credit report is to ensure you make all your regular payments on time, as any missed or late credit payments are likely to be registered on your credit report and may harm your chances of getting credit in the future.
It is also advisable to set up Direct Debits, as they can help you avoid late payments. It is important to check that you are registered on the Electoral Roll at your current address, as lenders use it to confirm your name and address. If you are not on the Electoral Roll it might cause delays when you apply for credit and it can even cause some lenders to turn down your application. You can check with your local council at any time to see whether you are on the Electoral Roll.
You need to review the information on your credit report to ensure it is accurate and up-to-date and you should dispute anything you do not agree with. You can also ask to add a note to your credit report if past credit problems were due to special circumstances. This means that when future lenders look at your credit report they can choose to take into account your extra note, which should be no more than 200 words and is called a notice of correction.
It is a good idea to close any accounts you no longer use, as a large amount of unused credit can affect your credit score. This is credit that you have already been granted and can take up without further checks. Keeping accounts open you do not use can also make you more vulnerable to fraud.
Baines and Ernst Ltd