Check Your Credit Rating Files
When was the last time that you checked the credit information stored about you by the credit rating agencies? The main ones are;
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- Experian
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- Equifax
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- Callcredit
You can obtain a statutory report for £2 from each of these agencies – we recommend that you get a report from the three agencies as the information is likely to differ.
Credit agencies put information together about your borrowing habits and other information such as whether you are registered to vote.
This information is relayed back to lenders and gives a score that determines how much of a risk you pose to potential lenders.
You obviously have no input into this information and without a regular check you would be unaware if incorrect information has been filed about you and your credit history.
We are finding time and time again when we are asked to assist a debtor to review his or her credit report that errors have been made.
Of course, if you don’t spot the error nobody else would check it or bring it to your attention and correct it.
This can have very damaging effects on your ability to borrow and would have implications if you were a partner or director in a business.
