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Get a Credit Report and Improve your Rating

by Carolin on July 20, 2013

how to get a free credit report online

Whenever you apply for a mortgage, loan or something as small as a mobile phone contract, companies will run a credit check on you that allows them to generate your credit score and judge how likely you are to repay your debt.

The better your credit score, the higher the chances of you being accepted for the financial product of your choice. To make sure that you receive the best deal possible, e.g. the one with the lowest APR, you can follow a number of steps that will help you increase your credit score or credit rating as some companies call it instead.

  1. A simple, but probably the by far most effective thing to do is to: Pay your bills on time and stay within the agreed credit limits!
  2. Regularly check your credit files. You can get a credit report at this link online and see exactly which debts you have with whom, who searched your credit file and if you have any issues.
  3. Get onto the Electoral Roll: Register with your local electoral registration office and make sure to always update your address, if you move house.
  4. Re-consider, if a joint account with your partner is the best option. If they have bad credit history, this will drag you down and affect your chances of getting credit.
  5. If you are applying for credit and are rejected, don’t rush into the next application. Spread applications out or you might seem too desperate to gain credit.
  6. Close old accounts and keep new ones up to date.  Old catalogue or mobile phone accounts that you haven’t used for years might still be listed as active. Close them down, if you don’t need them anymore.
  7. If you notice mistakes on your credit report, make sure to correct them. Contact lenders and companies you’ve had credit with and ask them to correct mistakes. Should they refuse to amend any mistakes on your credit file, contact an ombudsman.
  8. Small things like a landline telephone number can make a great impact on your credit rating as it shows your potential lender that you are loyal and reliable.
  9. If you want to build your credit score, using a credit card for small purchases and paying your balance off every month might be an option that you want to look into. It can help prove your reliability to possible lenders.
  10. Lastly, use the chance to inform potential creditors about reasons for periods of bad payment by adding a notice of correction.

Doing all of the above will help keep your credit score as high as possible, for the best chance of getting a ‘yes’ when you need credit.

Disclosure: This is  a featured post! Image Credit: Doug Wheller

5 Responses to “Get a Credit Report and Improve your Rating”

  • Sonya Cisco says:

    it can be a loop sometimes, I had no debt for years, but because of that i had a bad credit rating according to my bank- because I never borrowed they had no information to go on- they suggested I got a credit card to build up my history- but refused to give me one themselves because I had no credit rating- a very silly situation!

  • mummymummymum says:

    oooh fantastic tips :-)

  • so many useful tips. I actually wrote to Experian about my credit report after I had paid off my student loan and credit card and they removed the 'bad' bits from my report, in addition to separating my credit report from my fathers and brother's…..

  • Liz Burton says:

    I can't tell you how important it is to check your credit rating. I found someone on mine with a bad debt who just happened to have the same date of birth as me and the same surname. I have absolutely no idea who she was or how she got linked to me, but I managed to get her removed!

  • what great tips! and a reminder that I do have old accounts that I need to close! so thank you!

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