Manage Your Credit Score
Looking for a higher credit score? There's good reason to do so - a higher score can give you a greater array of financial options and more favorable credit offers. Even if you already have a good score, there's always room for improvement by carefully managing your credit. Keep in mind, however, that your credit score is based on your history of borrowing and repaying money, so there's no way to instantly change it. But here are some effective strategies that should help to strengthen your credit score over time.
Ways to Improve Your Score
1. Make all of your payments on time. If forced to miss a payment, make sure to pay the following month.
2. If you're eligible to vote, make sure you are registered on the Electoral Roll at your current address with your local council. If you have recently moved, register as soon as possible with your new local council. For more information about the Electoral Roll, click here.
3. Correct any incorrect information that might appear on your credit report.To order your Credit Report click here.
4. If you
fall behind on paying a bill because of illness, unemployment, or family issues, call your creditor to explain the circumstances and, if possible, work out a payment schedule you can meet. If you need help managing your credit, contact a reliable not-for-profit agency, such as:
Consumer Credit Counselling Service (CCCS)
0800 138 1111
5. If your credit history is very poor, or you have a very short credit history, there are still ways to improve your credit score over time. Consider opening new accounts responsibly and paying them off on time as this will show lenders you are capable of managing credit.
6. Keep control of your spending. High outstanding debts may negatively affect your credit score, as you have a greater chance of missing payments.
And the best way.
7. Learn what your current Equifax rating is and what appears on your credit report. Equifax Credit Score™ gives you immediate access to your credit report and includes your current Equifax rating. Continue to check your credit report regularly and correct errors and inaccuracies that can damage your ability to get credit.Source: www.equifax.co.uk