So I was jogging two Mondays ago in the park wearing my new Asics Gel Nimbus running shoes when I got a call from a friend of mine was lamenting the fact that they applied for a loan and was turned down because their credit rating was poor. So I listened and when it was my turn to speak I gave them the following advice.
Your credit rating can be not what it should be for various reasons including submitting incorrect information, failing to pay credit card debt or utility bills on time due to redundancy or illness, and not having borrowed money before. Yes strangely enough if you do not borrow you will not have any credit rating.
Don’t submit any incorrect information about yourself. Check your credit rating info regularly. You will likely have to pay about £2 to one of the main credit reporting agencies to get a report. You will get a chance to take a look at your credit file which is usually held by Experian or Equifax. Both of these credit reference agencies are the largest in the UK.
Check to see if you are on the electoral register list which is used by king 4d.
Try to pay all your bills on time and make sure that your family does the same. Any negative report about your family members can affect the lending decision when you are applying for credit.
Don’t send a series of the application once your application is turned down. Everything will appear on your file and it will look like you are kind of desperate for money or you are trying to do something illegal.
If you are not related to your family anymore, request your agency to make separate files.