Repair Your Credit Rating

If you have had a credit application refused unexpectedly then this is an early warning sign that something could be seriously wrong on your credit report. Credit reports record the complete credit history of millions of consumers all around the world, and lenders will refer to this database before processing any applications for credit. If you have a poor credit rating due to debts such as missed monthly repayments on products including loans, mortgages and credit cards then lenders will consider you to be a high risk, and may be unwilling to accept you for the competitive low rate products, or extend any credit to you at all.

If you are not aware of any outstanding debts in your name, and you have never been refused credit before then it is very important that you check your credit report as soon as possible, as there could be a mistake recorded which has brought down your credit rating, or you could have become a victim of identity theft. This can occur when criminals steal enough personal information about you as an individual that they can actually impersonate you and apply for credit fraudulently in your name, and then they will literally take the money and run, leaving you to face any debts, charges and fees that have been incurred using your details. You can apply for one free copy of your credit report from the main credit reference agencies such as Experian and Equifax once a year, and you should use this to double check your credit history to ensure that all of the records are correct and that there has been no suspicious activity. If you do spot any errors or obvious tampering with your report then you must inform the credit reference agency immediately who will look into this further for you. If you do spot any suspicious activity on your credit report you should also carry out a check of all your bank accounts, credit statements and other financial records to ensure there have been no fraudulent charges elsewhere.