Many visitors to our website have lots of questions concerning credit checks, bad credit and UK catalogues. Here are some of the most commonly asked questions together with some hints and tips in response. If you have any further questions then please get in touch; we’re here to help!
Why do I have a bad credit score?
This can be as a result of one of two things:
- Borrowing money in the past and failing to comply with the terms of your agreement, e.g. late payments on a loan
- Never having borrowed money in the past.
The second one comes as a surprise to many people. The fact is though, if you haven’t taken out any finance in the past, then in the eyes of any prospective lender, your ability to pay back what you borrow is basically untested.
How can I improve my credit rating?
Firstly, check that your credit rating has been correctly assessed. You can do this by taking out a credit report yourself through CreditExpert.co.uk and checking to see if everything on the report is correct. If there’s a simple mistake causing a bad credit rating, then this is something that can be easily fixed. Otherwise, if everything is correct, the best way forward is to go through the report and rectify those negative points, one by one. For examp,e, if you have an outstanding debt with a retailer, contact the store and try and negotiate a realistic repayment plan. What you’ll find is that the lender is generally very open to negotiation. After all, what he’s looking for is a hassle-free way of recovering his losses!
What is a credit check?
A credit check is what is undertaken by a prospective lender to try and work out whether you are likely to be able to meet the terms of any credit agreement. A credit agent is usually hired to check your lending history to see whether, historically, you have been able to meet your financial commitments.