Your new car finance application has just been declined, you cannot get a new smartphone on contract and you do not understand why the property agent have just rejected you as their new tenant despite the fact that you never missed paying your rent on time. You have enough cash, to pay for all of this and it doesn’t make sense to you at all.
Or does it?
Above scenario is surprisingly common amongst people who either never heard about the Credit Score or didn’t pay enough attention to the topic of building their financial credibility. The reality is though it applies to everyone living in the UK. It has an influence on your life too! Just continue reading to learn how…
Before you apply for and kind of credit, buy goods on credit or contract with service providers you must know this:
There is nothing more irresponsible than going from lender to lender or retailer to retailer and applying for credit without knowing your Credit Score first. WHY?
Such behaviour may lead you to financial troubles as you may lose your ability to obtain any credit for a long time! No financial organisation / retailer will have trust in your financial credentials. So, let’s see HOW IT WORKS?
Before lending you any money or setting the contract with you most lenders / retailers (businesses, including banks, building societies, finance houses, mobile phone companies and major retailers) will first want to assess your financial credibility. Your credit / purchase application will allow them to check your Credit Score and Credit Report via commonly accessible Credit Reference Agency – an independent organisation that holds information about consumers or businesses.
The lender / retailer will make their decision based on what they see in your Credit Report so it is crucial to know what it looks like before you apply as each denied credit application has a damaging effect to your credit score. Moreover EACH CHECK LEAVES TRACE in your credit report which LOWERS your Credit Score! Any kind of desperate behaviour will VERY LIKELY DAMAGE your financial credibility that will then need long time rebuilding.
YOU DO NOT HAVE TO APPLY FOR YOUR CREDIT SCORE.
YOU ALREADY OWN ONE!
So how to get access to your your Credit Report and check your Credit Score?
It is simple. You register your account with one of the credit reference agency such as Experian via https://www.creditexpert.co.uk and HAVE ACCESS to your full Credit Report and it will COST YOU NOTHING for 30 days. (£14.99 per month afterwards)
What is needed in order to register your FREE 30 days account?
You just need to follow the link: https://www.creditexpert.co.uk and fill the quick 3 steps form that required following information:
- personal details such as your name, current UK address, email and telephone number
- credit/debit card details for payment in case you decide to have access to your Credit Report for more than 30 days
That’s it! It takes 5 min no more to see what banks / lenders / retailers are able to see ABOUT YOU and YOUR FINANCIALS.
How it may help you?
You may clearly see what is affecting your Credit Score and learn about appropriate steps in order to improve it.
By having a good Credit Score you making sure that you are getting access to the best lending offers on the market and will less likely get your credit applications declined.
You may spot some errors in your financial history that weren’t even your mistake. Knowing what’s wrong gives you ability to make the necessary amendments using the Credit Expert service.
You may identify some fraud or theft activity done by someone else in your name that would have an effect on your financial credibility. Having such information could help you with reporting it and protecting your identity against future theft events.