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6 tips to get your credit score in shape

Last updated: 30 January 2020

So it’s the start of the year and you want to end the year with a better credit score right?

Well, it generally takes a little time and effort but here are 6 things that can help you move in the right direction.

1. CHECK YOUR FILE FOR ERRORS

Credit files can have errors and those errors could be negatively impacting your score and impacting any applications for credit you make. Request a copy of your credit report from each of the Credit Reporting Bodies (CRBs). You can do this for free, once a year. With Credit Savvy you get free online access to your Experian credit file as often as you like.

2. COMPREHENSIVE CREDIT REPORTING (CCR) IS HERE

With Comprehensive Credit Reporting (CCR) now in place, your credit file now contains more information about your credit accounts and your repayment history. This means it’s more important than ever to get on top of your finances.

3. PAY ON TIME AND CONSIDER DIRECT DEBITS

With CCR, paying a bill just 14 days late can now damage your credit score. On the other hand, making all those repayments on time should see your score increase. Consider setting up direct debits for your repayments so you can take it easy knowing your credit score will be better off for it.

4. DON’T APPLY FOR CREDIT UNTIL YOU HAVE DONE YOUR RESEARCH

With a bit of research you can find the product that is right for you. Make sure you read through all the product terms and conditions, check the eligibility criteria and make sure your credit score and report is in good shape before applying. All of this can improve your chances of a successful application.

5. LIMIT THE NUMBER OF ENQUIRIES

When you apply for credit it means an enquiry will appear on your credit file. Enquiries will have an impact on your score based on a variety of factors. Bottom line is that too many could negatively impact your score so only apply when you need to and once you have done the research.

6. MONITOR YOUR FILE

Checked your file? Great! But make sure you keep an eye on it. Identity fraud is a serious business. Monitoring your file can help you spot if someone is using your details to try and fraudulently obtain credit. Credit Savvy provides free credit alerts so if there are any changes to your Experian credit file we can email you to let you know so you can then log in to check.

If you haven’t yet, sign up for your free Experian credit score at Credit Savvy today!

Get my credit score now

HERE’S TO A FANTASTIC YEAR FROM ALL OF US AT CREDIT SAVVY!

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