Did you know that you are able to request a copy of your own credit report from Baycorp Advantage for free. We suggest thast if you are looking to borrow money getting a copy of your credit report before lodging any applications with lenders is a good idea.

Your credit report should accurately reflect your history. If you believe any of the information to be incorrect you should contact the credit reference agency concerned which will investigate on your behalf or contact the provider of the data.

Different lenders take different factors into consideration when making a lending decision. It is therefore difficult to identify exactly what area of your credit report is likely to influence a decision.

 However, some general guidelines are:

• Ensure that your name is recorded on the electoral roll at your present address. Lenders check to ensure that you live as stated on your application form to assist in fraud avoidance
   
• Ensure that your credit report accurately reflects the dates when your name was recorded on the electoral roll at your previous addresses. It is important to lenders that there is no obvious gap in your address history, which may indicate the omission of an address on your application form
   
• If you have had court judgments in the past, make sure they are paid and that you have applied for and received a Certificate of Satisfaction from the County Court. This will result in your credit report showing payment has been made
   
• If you have any arrears on credit accounts, pay them up to date and check that the company concerned amends the information held with credit reference agencies to show that payment has been made
   
• Do not make multiple applications for credit in a short period of time. Shopping around for the best deal should not result in a search but a credit application will. It may be worth asking a lender if a search is being carried out as part of a quotation.
   
• If you are declined credit, check your report and resolve any issues before making further applications.
   
• You should be aware that a large number of inquiries on your credit report is the easiest way to spoil an otherwise good credit history. Potential lenders believe that a large number of inquiries is an indication that an applicant was rejected by other lenders.
   
• Check that there are no address links on your credit report with which you have never had any connection
   
• If there is financial information in other people's names, with whom you share no financial connection and that could adversely affect your creditworthiness, ask the credit reference agency to remove the information from your report
   
• If you have fallen into arrears in the past due to circumstances out of your control or owing to a situation that no longer exists, you could exercise your right to add a 200 word explanatory statement to your report called a Notice of Correction. This will be seen by all lenders in the future and might help them interpret the information differently
   
• You should remember that information does not stay on your credit report for-ever. You can expect that applications you have made to lenders five years earlier will not appear on your credit report today.

 

Remember, your credit history should be treated as a valuable asset which allows you to take advantage of the best deals around. It is therefore advisable to ensure that your credit report is fully accurate and up to date and to monitor it on a regular basis.