Tips for improving your Credit Information Report

Tips for improving your credit information report

There are a number of things that you can do to improve your credit profile and thereby your chances of getting credit

• Always make your payments on time. If you cannot do this, contact the lender as soon as possible to discuss what options are available to you, it is always better to speak to your lender immediately if you are experiencing any difficulties in maintaining your payments

• If you have paid off a debt but your report doesn’t show this, contact the organisation concerned and ask them to make the necessary changes or contact us and we will contact the relevant organisation for you

• Close any accounts you no longer use

• Check your credit information report regularly. It always makes sense to get a copy of your credit information report before you apply for credit or if you are refused credit as a result of information held by a credit information company

 

Managing credit and credit profiles during important life events

When you apply for credit, for example a credit card or a loan, you will probably give the lender permission to do a check with Experian or another credit information company. This check helps the lender know that you can afford to repay the money you want to borrow. Experian does not decide who should get credit, but the

information we provide may help the lender to decide.

 

Our 'Credit Crossroads' guides help you look after your credit history at particular times in your life. You can download electronic copies of the guides here. We hope these guides will help you cope with credit during important life events.

Things to do when your loan or credit card application is rejected

Loans and credit cards enable us to access financing to fulfil our wishes and those of our near and dear ones. They also help us tide over difficult times. However, the rejection of a loan or a credit card application leaves us disappointed and confused on the path forward. Here is how you can handle a situation of a credit application rejection.

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Lessons for students on credit management

Students access credit for various reasons including financing college education and meeting other personal expenses. Credit can lighten the financial load on parents by spreading the cost burden over a longer period. Regular repayment of loans will help you to establish a good credit profile, however irregular repayments may make it difficult for you to access credit in the future.

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Managing credit as you get married

It is wedding season and many couples will be looking forward to a fulfilling life of togetherness. Shopping, wedding planning, invitations, decorating homes or in some cases moving to new homes in anticipation of the big day will be on in full swing. Through all this, it is also important to discuss and plan finances. Here are a few words of financial wisdom for couples to avoid stress later.

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Managing Credit and Credit History while Moving Homes

Buying a home is a dream come true for many of us which is accompanied by the operational detail of ensuring updating our records with our lenders and often with expenses associated with furnishing etc. to convert the house into a home. This latter may involve accessing credit. Here is a note we hope will help you better manage your credit commitments and the operational tasks to keep in mind while you enjoy moving into your new home.

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Managing credit in the event of job loss or reduction in income

In the current volatile global economic environment job losses or business eventualities may force a situation of reduced income. Managing existing credit commitments in the context of these situations of reduced income poses a financial challenge and presents another likely credit crossroad that we may need to understand how to handle. Let us see how Jayant our imaginary friend managed his credit history when faced with such a job loss situation.

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Managing credit in the event of separation or divorce

Separation and divorce are those difficult times when you have to take a break from a not so happy relationship or in some cases even end it. It is important that you sort out your finances include any joint loans or credit cards to avoid further agony in the future. Here is what you can do to prevent yourself from getting into uncomfortable financial situations.

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Managing Credit in the event of serious illness or bereavement

Illness and bereavement are events which test our emotional strength. The last thing we think of is managing finances. It is however important to manage any credit obligations of the affected person. Here is a note we hope will help you better manage credit commitments in the case of illness or bereavement.

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