3 REASONS YOU NEED TO KNOW YOUR CREDIT HISTORY

Checking your score is a simple task, but one that many of us fail to do. Not sure why you’d bother? Here’s why… 1 STOP THE FRAUDSTERS If someone has been using your information fraudulently, for example to set up a bank account in your name, you may not know for at least six to 12 months, by which time a lot of damage could have been done. Checking your credit report regularly through Experian, Equifax or Callcredit for suspicious activity, such as applications made using your name, means you can report it immediately. 2 KEEP IT ACCURATE Take immediate action to rectify any mistakes, such as incorrect names, addresses or typos on your file. And if you’ve missed payments due to circumstances out of your control, you

can add a notice of correction (a 200-word statement to be viewed by lenders) to your file by contacting your reference agency. This will make sure your report is a true reflection of your credit worthiness. Equifax’s Lisa Hardstaff explains, ‘If there is a genuine reason for the missed payment, like redundancy, illness or bereavement, you have the opportunity to get this noted before you start applying for new credit.’ 3

IMPROVE YOUR SCORE Your credit rating will influence a company’s decision on whether to offer you things like phone plans and overdrafts. Too many rejected applications will work against you, so it helps to know your rating before applying.