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Credit History and Ratings
Your credit history is one of the most important things in your life when you don't even realise it. If your credit is adversely affected by not making repayments on your credit cards or loans, you could actually help by taking out a debt consolidation loan over a long term with a lower interest rate. |
This will reduce your monthly payments and should help your cashflow.
Your credit history or rating can have a huge impact on your financial situation throughout the future should it be wrong. Companies after all do sometimes make mistakes and small clerical errors which could cause your history to be incorrect and hinder you from gaining a credit card, loan or even the all important mortgage. Luckily, there are companies you can use to keep a track on your credit history and it is adviseable to monitor it on a regular basis.
At least by doing this, you can identify incorrect information and get it corrected by the relevant credit reporting agency. The two major credit reporting agencies are Equifax and Experian. These two organisations collate all of your financial history into one report.
Of course there is a fee for gaining access to your latest credit history report and is only advisable to check it out once a year, however if your credit rating is very bad, you may want to check it on a quarterly basis in order to track any changes made to it and be assured there are no mistakes.
Things that will Adversely affect your credit
- In your report you will be penaised should you have obtained any County Court Judgements, IVA's or have been bankrupt.
- If you repeatedly apply for credit and are rejected, this will not put you in good stead.
- Repayments that have not been made on time.
- The amount of credit you already have.
- Someone previously living and still linked to your address who has poor history.
Keeping up to date on your credit is impertive to your financial future.
Visit www.aph.org.uk and let us help you find out how to increase your credit rating. | 
