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Make regular credit checks your New Years’ resolution

Make regular credit checks your New Years’ resolution

Make “regular credit checks” your New Years’ resolution

Checking up on your credit score regularly is essential, as you never know when your credit report may contain incorrect information or even when someone may steal your identity. Unfortunately, failure to check credit is incredibly common; this can prove to be problematic in future life, as you could be declined for a loan or mortgage due to a poor credit rating or an inaccurate credit report that you never knew you had.

Take control of your identity by staying on top of your credit

In order to review your credit report for potential inaccuracies you can obtain a copy of your credit history through Experian, Equifax of Callcredit. Doing so does not lower your credit score; it simply allows you to review your report.

Once you have your reports at hand, you’ll need to look through them thoroughly in search of any inaccuracies. Points to look out for include:

  • Incorrect or outdated personal information
  • Incorrect account details
  • Incorrectly attributed accounts
  • Inaccurate and fraudulent activity

Highlight all incorrect areas as you go along so that you remember to report the errors. Make sure you have some proof to support your claim before reporting your credit report errors; one of the best ways to dispute your error is to write a dispute letter.

Are your details on the electoral roll?

It’s incredibly important that you’re registered on the electoral roll before applying for any kind of loan or mortgage. Many people assume that they’re automatically registered but this isn’t the case; not being on the roll will have massive implications on your credit worthiness.

Bad credit history?

If you’ve found that you have a poor credit rating then this doesn’t mean you wont be eligible for a loan or mortgage. Although it will affect your ability to secure credit, you can still apply for a bad credit mortgage.

Improve your credit score the best you can and, if you are looking to apply for a mortgage, then seek independent mortgage advice to figure out the best option for you.

Check your credit history

We recommend obtaining a copy of your credit file though one of the three credit reference agencies, Experian, Equifax or Callcredit and we can review your file with you to explain exactly what the various entries mean. All of these companies are currently offering a free 30 day trial so if you are thinking of applying for a mortgage then we recommend taking advantage of this service so that you can see exactly what a lender will see when you apply for a mortgage and they credit search you.

We will provide you with advice of how to improve your credit rating so that we can get you a High Street mortgage as soon as possible.

* Please note that 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. The monthly fees are £7.95 for the Equifax Credit Report & Score. A user can cancel their subscription with Equifax at any time.

The author, Shaun Bielby has over 25 years experience in financial services and is a specialist mortgage and protection advisor with Mosaic Mortgages who are mortgage brokers that give independent mortgage advice to first time buyers, borrowers with an adverse or bad credit mortgage history or those looking to invest in buy to let.