Guide to Credit Scoring and Credit Repair

A good credit score can be important if you want a mortgage. A credit score lets lenders know how reliable you are when it comes to borrowing money. To see where you stand before applying, you can get a copy of your report from an agency such as Experian, Equifax or one of the sites that offers information from all agencies such as checkmyfile

The sooner you do this the better, as if there are any errors, you can get them corrected. It will also give you the chance to take steps to improve it if it's low.

If you do have an impaired credit history and need mortgage advice we are here to help. At Ramsay Financial Ltd we can access lenders who may ignore missed payments, defaults and CCJ's. Some may be lenient with IVA's/DMP's or even bankruptcy. There are also lenders who don't even use credit scoring.

Simple ways to boost your credit score include registering to vote, paying bills on time and repaying your credit card in full or at least on time each month. Closing down any credit accounts you are no longer using can also help.

For a period of 6 months prior to your need for a new mortgage you should avoid:

• having a high number of hard credit checks as this can lower your score
• relying on your credit cards to pay your monthly bills
• missing any payments on any of your credit accounts including utility bills
• exceeding your overdraft or credit card limit

If you are unsure how any of these may affect you then speak to us for some free, no obligation advice on 07593 607440 or email info@ramsayfinancial.co.uk

A free* credit report which shows comprehensive data across Experian, Equifax and TransUnion can be accessed here at checkmyfile or by scanning the QR code

*Free for 30 days then £14.99 per month, can cancel anytime. #AD