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Common queries about credit scoring

Posted in 'Credit Reports' by Paul Anderson Riley

28 September 2015

When checking a credit report or evaluating financial situations there are many common queries regarding credit scores, the information reported and the impact of different markers. This article aims to address some of the common queries that arise in these situations.

Having an excellent or high credit score will not automatically mean you will be accepted for every form of credit. Most lenders will use their own scorecard and criteria when evaluating an application. An application form may request information that is not held on a credit report for example income, length of time at an address and type of employment, all these factors will impact the decision of a lender.

Although your score may be high, a lender may have certain rules for acceptance, for example not lending to customers who are absent from the Electoral Roll or those who have previously had late payments or been in arrears.

A good credit score is built up over a long period by making payments on time, utilising credit agreements and remaining registered on the Electoral Roll. Inactive credit agreements will have a fairly neutral impact on your score as they do not reflect your current ability to make your payments on time. It is also advisable to close any inactive agreements as these are usually harder to monitor for fraudulent activity.

Even if negative information such as Court Judgements or defaults have been reported on your file you can slowly start rebuilding your score. Although these markers will continue to impact on your score for 6 years from the date of judgement/default it is advisable to keep making any other payments on time and remain registered on the Electoral Roll, so that once these are removed from your file you are then demonstrating a series of well-maintained credit agreements. Some lenders may also offer tailored credit agreements to customers who have negative markers on their files so it is important to make sure everything else is in order.

Paul Anderson Riley

Paul has a degree in Human Geography from Plymouth University and has a keen interest in both listening to and playing music, football and surfing.


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