Knowing what affects your credit score can help you decide how you can improve it, so here we’ve listed 4 things that can make an impact on your credit score.
#1 Not being on the electoral register.
This counts as a credit record and improves your rating if you are on the voters role.
#2 Old credit that is outstanding
We often see small, old outstanding debts that you may not even know about because the credit company doesn’t chase it up if it’s a small amount (because it’s not worth it for them).
You can often just ask them to remove it to clear up your records.
#3 Applying for credit shows on your Credit Report
So if you just want to compare rates, ask the lender to register a ‘quotation search’ on your credit report instead of a ‘credit application search’. This doesn’t have a negative impact on your credit rating in the future.
#4 Mistakes on your Credit Report
Credit companies like us have a duty to report your credit and your repayments accurately.
However, we see a lot of credit that is incorrectly reported – and we would always suggest you check your credit report regularly and make sure you don’t have errors that pull down your credit score.