| There are several ways of improving your credit rating. One is to contact the credit reference agency to correct any mistakes about you. You can also add a note to your file explaining any missed payments. Another is to build up a solid credit history. |
| Correcting mistakes |
If there is a mistake on your file, you cannot simply ask for it to be corrected by the reference agency itself. You must contact the organisation that provided the information. The reference agency can help with details, including an address. Then write to that organisation and ask it to correct any incorrect details about you and to inform the credit reference agencies. You will have to provide a written reason, with a factual explanation for that organisation to correct any wrong or misleading information about you. For example: |
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| Building a credit history There is nothing lenders or credit card issuers like better than a good credit record where borrowers show they can successfully repay amounts they owe and manage credit and debt. This means, for instance, successfully managing a bank account, repaying overdrafts and previous loans, even if small. Lenders check the Electoral Roll to confirm your name and address so make sure you are registered with your local authority. One or two successful credit card applications could be seen as a sign of credit-worthiness. You may want to apply for one just for that reason. But bear in mind that every time you apply for credit it leaves a "footprint" in your file which will be seen by other lenders and issuers. A large number of searches over a short period could signal over-commitment or even fraud, so you may think it more sensible not to apply until absolutely necessary. |
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