Given the financial uncertainty in the UK for the past few years it’s hardly surprising that many people have accrued a poor credit rating. Crime is on the rise in the UK with many falling victim to identity fraud. However, one of the main reasons for bad credit ratings is the inability to pay back a debt. Once you’re back on an even keel just how do you start to repair things?
Credit Score Report
A credit score report will highlight any misinformation that could be affecting your score. Wrong addresses or a lack of address will impact your score negatively. If payments have not been updated on the credit report this again can have dire consequences. However getting this information updated can for a short time make matters worse.
Often the best step forward is to take out loans for people with bad credit. Paying off a debt regularly each month is the best way to get your score back up. Once you’ve reached an adequate enough level you can then start to tidy up the rest of your credit history report.
Accounts you didn’t open
If you spot accounts that have not been opened by you then this is a clear indication that someone has used your name to get credit. In this case act immediately and let the credit provider know. Resolving the dispute can take some time so in the meantime you may need to opt for bad credit loans if you need to get your hands on some credit.
Applying for credit
Once you know that your credit score is low, don’t be tempted to request credit for traditional loans. Each request for credit you make can harm your credit rating so opt for no credit check loans instead. If you need credit, get it all at once rather than getting credit from several different sources.
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