How to Get Your Credit Report in Better Shape
Your credit report is really important. It details your history of borrowing money, and includes information about your current and past financial situation.
Your credit report contains details about your bank accounts, court judgements, and your current and past repayments on debts you’ve paid. For instance, it might detail the fact you have a mortgage, a car on finance, or have an outstanding contract for your phone. It also contains details about whether or not you’re on the electoral register to vote, your name and address, and the details of anyone who’s financially linked to you (such as a partner that you have a joint bank account with).
The reason your credit report is so important is that it’s used by banks and lenders when they’re deciding whether or not to approve or reject your application for credit. It’s not the only thing that banks will refer to, but it is one of the primary ways they decide whether or not you’re suitable for a loan, as it helps them to determine whether you’re a ‘good bet’ or simply too risky to lend to.
However, there’s no need to be daunted by all this. While credit reports are important, you do have some influence over what they contain. You can get your credit report in better shape by addressing inaccuracies and filling in gaps, and doing so will help to improve your credit score and make you more likely to get successfully approved for a loan in future.
So, what things are most important to change on your credit report? The first and easiest tasks to attend to are checking that your personal details are all correct. Make sure your name is spelled correctly across all three reports, and that your current residential address is correct. You may have multiple addresses linked to your name if you’ve lived in a few different properties or have paid for gas and electricity bills elsewhere.
Next, make sure that your report shows that you’re on the electoral register (more details on how to check here). This will help to confirm your address, which in turn bolsters your credit report.
Then, investigate the things that could be a problem for you: if you’ve ever had a county court judgement, an IVA or been officially bankrupt, it will show up in your file. You can’t remove this, but you can double check that everything been recorded accurately. If you spot anything that isn’t true, make sure you get it changed!
But how do you change the errors on your credit report? Well, you can complete online query forms, or contact the agencies by any other means to tell them that you don’t agree with the details they’re holding about you. If they refuse to make the change, you can add a Notice of Correction to your credit report to register your comments (usually allowing you up to 200 words so that you can explain what the mistake is).
So, do you want to check your credit report? It’s not too difficult to do. All you have to do is contact the major credit agencies and ask them to provide you with a copy of your report. Each one will cost £2 to receive, and they’re obliged to give you it. You can also find out how to view your credit report in other ways, and that’s something that’s explained by the Money Advice Service in more detail here. Take a look and get your credit report straightened out – it certainly pays to do so!
*This is a collaborative post.
mine is rubbish although the bad bit is years ago and was to do with a joint account with an ex partner. it was dealt with -however it hangs on in there!!
It is definitely a great idea to stay on top of your credit report. It affects every thing you do
These tips are great. I am always keeping an eye on our credit. I know we will be buying a new house within the next 5 years, so it’s on my list of things to work on
These are wonderful tips. Credit report is really important and we should make it better than usual.
Thanks for the great advice. A bad credit score is like a nightmare. I do my best to keep my credit score high or at least acceptable enough and constantly check on it. These tips will really help a lot. Thanks for putting this great resource together.
Thanks for all of the great info. My credit report could always be a little better than it is right now.
This is very informative! I make it a habit to always check my credit report. I will definitely use your tips in here! Thanks so much for sharing this!
The tips here are awesome. We always try to get our credit in order for a year end review and will be utilizing some tips here. I didn’t realize that when you register to vote it goes hand in hand with your credit. Interesting.
Keeping a good credit report is a must these days! I am always monitoring mine to see if there are any improvements to be made.
Wonderful tips! Credit scares me but I decided about 2 years ago to dive into a credit card to get credit as I had none previously, and its been great. i’m lucky I’m as cautious as I am as they can be very scary!
I’ve always been careful with my credit. It’s good to know I could get a report if I wanted to.
I am such a stickler about my credit report. I get the free report every year.
My husband and I had to work on his after we got married. 6 months after we had paid some off, they still appeared on his report. All we did was call them in or report them and they were removed in 30 days or less.
I just did a short sale for my house this past May. Before I started the process my credit score was in the excellent range at 748. I can’t tell you how many anxiety attacks I had about losing my standing. Once the process was completed, my score went down to fair at 634. I had plenty more attacks at that, but, almost 5 months later, I’m back up to a good rating with a score of 695. I know I am one of the lucky ones on that front. I’ll be able to buy a house again next year if I want to :).
Jacqui
These are all fantastic tips! I let my credit slide during my early adult years but have since managed to recover and get my score into the “excellent” range.
I havent checked my score in so long. I know that is apart of adulting so I need to see the number and make sure I can improve my score.
Who ever would want to grow up hey – so much you should do to try and keep on top of things 🙁 x
We just checked our credit reports a few months ago and noticed my husband still had a credit card on his – one we thought had been closed out years ago. It’s so important to check for these things regularly!
Oh gosh good job you checked! It is definitely a good way to keep on top of what is closed and what is still open. x
This is a great resouce. I am surprised how so many people don’t pay attention to their score or now how to even obtain it.
I think a lot of people either don’t know or are worried about it, which is a shame. x
Your credit score can affect you in so many ways and it’s really going to make a huge impact in your life especially if you have a really bad one. I think these tips are going to help a lot of people!
Having a good credit report is so important these days. This is great advice for keeping yours under control.
It really is an important thing isn’t it – I had a bad one for a while and it does hold you back.
This is an excellent resource. Managing your credit is so important, but it’s also very confusing. Great information.