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Copyright © 2005
Debt Advice Online
All Rights Reserved |
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| WELCOME
TO OUR SECTION FOCUSED CREDIT REPAIR |
| Everybody
has a credit file, maintained by a credit reference
agency. Many people have adverse credit details
on their files, such as defaults, bad payment history,
County Court Judgments. This means that when these
people apply for credit, such as loans, mortgages,
credit cards, car finance or even a simple bank
account, they may be turned away. |
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| Importance
of Credit Information |
| Most people
are unaware of credit information, credit files
and credit reference agencies, yet they have increasing
importance in today's world. Most lending sources
will automatically run a credit search on applicants,
by contacting the major credit reference agencies,
Experian Limited or Equilfax Limited. These reference
agencies' purpose is to hold files containing
credit information, including information about
you |
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- Credit Reference Agencies
- Been Refused Credit?
- Credit History
- Credit Repair
- Don't expect miracles
- What about CCJs?
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| Credit
Reference Agencies |
| Most people
are unaware of credit information, credit files
and credit reference agencies, yet they have increasing
importance in today's world. With the applicant's
consent, most lending sources will run a credit
search by contacting the major credit reference
agencies, such as Experian Limited or Equilfax
Limited. These reference agencies' purpose is
to hold files containing credit information, including
information about you. |
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| Been
refused credit? |
| The truth is
nobody is automatically entitled to credit. In order
to be successful when applying for credit, it is
necessary for you to prove to the lender that you
are credit worthy. But this may be even more difficult
if you have adverse credit information on your credit
file which is left without repair. Without you realising
it, lenders may be relying on out-of-date or incorrect
entries, or entries which don't tell the full story,
or which shouldn't in fairness have been put on
your file in the first place, or even entries which
relate to people with whom you don't have a financial
link. |
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| Credit
History |
| As an individual
and a consumer, you have rights to ensure that
your files are fair and accurate. You can obtain
a copy of your file and ask the credit reference
agency or the lending institution to remove or
correct wrong information. You can place your
own explanation of your circumstances on your
file so that lenders see the whole picture. Often
people don't realise that a simple step might
give them the right to remove or correct an entry.
The credit reference agency will tell you if there
is anything you could do. Lenders don't always
act fairly in the way that resulted in an entry
being made. The credit reference agency will tell
you if there are grounds for challenging the entry
with the lender. Sometimes a simple step like
putting yourself on the electoral roll makes all
the difference. Utilise your rights to repair
your own credit history. |
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| Credit
Repair |
| Credit repair
is a process you can carry out yourself, and sometimes
the steps you can take are simple, many people find
credit repair a difficult and daunting procedure.
Ask the credit reference agency for advice and guidance
and make sure you are happy. |
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| Don't
expect miracles |
| The credit
reference agency will advise you how to remove
an entry, but entries that are properly there
can't be removed, you may however be able to reduce
their adverse effect. If a default or CCJ is properly
registered and you owe the money, you will probably
have to start to make some payment towards it
if anything is going to be done to repair the
entry. The credit reference agency will explain
the position with a notice of correction on the
file. But if you can't even make payments towards
debts you accept you owe then you probably should
wait until you can. The credit reference agencies
will give free advice about your credit file.
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| What
about CCJ's? |
| CCJs can be repaired.
If a CCJ wasn't properly obtained, or you dispute
the debt, or you have paid the judgment you can
repair or even possibly remove the entry. Otherwise,
you'll have to make payments towards it to repair
the entry. |
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