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For an individual to be creditworthy having a good credit score is critical. The credit score is evaluated based on your credit history. The better the score the more lenders will feel comfortable issuing credit. The credit score is calculated by credit reference agencies with three operating in the UK -TransUnion, Equifax and Experian. When calculating the credit score, credit…
Keeping track of your credit report is essential to ensure you remain creditworthy at all times. Like we check our bills and bank statements every month, looking at your credit report and ensuring things are on track will help to get the best deals for credit cards, mortgages and loans etc. We look at some of the main factors to…
If you are facing bankruptcy, having a CCJ or default showing on the credit report it will impact the credit score considerably. We look at these issues in this blog and how they can be handled. Bankruptcy A person is considered legally bankrupt when they are no longer able to repay their debts. When a person declares bankruptcy, they are…
If you intend to apply for credit you need to ensure that your credit score is in ship-shape as that is what banks and lenders look at first before deciding to give credit. For an individual to be eligible for the best offers have a robust credit score is paramount. In this blog we look at what constitutes a good…
Not many credit card users are aware that their credit utilisation has a considerable influence on their credit score. If you have multiple credit cards that have their credit limit mostly used it reflects that you are not able to manage your finances and will negatively affect the credit score. However, if you use the credit limit prudently i.e., just…
Credit checking is becoming increasingly common in pre-employment checking for a wider range of occupations than ever. Employers do require your consent to run a credit check, and it is usually a strategy for employers in the financial services or insurance industries. A credit check under these circumstances isn’t about seeing how you spend your money or looking at whether…
If you’re looking for a job in financial services, or in other positions where you have access to client accounts or money, then it’s standard practice to have a credit check before starting work. Credit checking as part of pre-employment checks is about weeding out potential employees who are in a serious financial mess, one severe enough which could tempt…
In the UK, on the 31st March 2020: The 3 major credit reference agencies (CRAs), Experian, Equifax and TransUnion have, today, confirmed that all of consumer credit scores are protected once agreed ‘payment holidays’ have been put in to place, as a result of the COVID-19 pandemic. Payment holidays are agreements made between individuals and their lenders, to pause regular…
