Category Archives: Credit Files

5 ways your credit report could help you deal with debt

posted by in Credit Files, Debt Leave a comment

This is a guest article written by Darren Beach, blog editor and all-round nice guy at Experian Experts.

Lady reading newspaper

Read Experian Experts’ top tips

One place to start dealing with debt – to prevent it and to recover from it – is to check what’s on your credit report.

The data and information held there summarises your credit history, so it can be well worth reviewing it on a regular basis, and making sure it provides an accurate and up-to-date picture of your credit history.

Keeping on top of your credit history can have a positive influence on your finances.

1. Ensure what’s on it is accurate and up to date

Even simple discrepancies on your credit report, such as different ways of listing your name and address, can make a difference. If you do find anything that isn’t accurate, contact the relevant lenders to get an amendment. Getting it right could help you to understand and improve your credit report.

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Experian take over MoneyAware Twitter

posted by in Credit Files, Debt Awareness Week, Special events 1 Comment

Get your credit report questions answered by the experts!

Get your credit report questions answered by the experts!

As you can imagine, we’re asked a host of questions around debt and money. One of the main concerns that’s raised by people in debt is how those debt problems can affect their credit file, and what they can do to improve it once they’ve taken control of their debts.

Our friends at Experian have long provided expertise in this area (alongside the two other credit report agencies, Equifax and Call Credit), as well as giving guidance on other things such as identity fraud and applying for the right mortgage.

That’s why this Friday (30th January), Experian Experts will be taking over the MoneyAware Twitter account for an hour from 12:30pm to answer you burning questions on credit reports. It’s a perfect opportunity to ask anything you’re not sure about and get any worries cleared up once and for all!

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Our 10 most read blogposts of 2014

posted by in Bailiffs, benefits, Credit Files, Debt, IVA, Money maximising, Payday Loans Leave a comment

firework display in sky

Happy New Year!

We can’t believe it’s 2015 already; doesn’t time fly? A little too fast if you ask me. Actually, very suspicious, but we won’t get into that now.

It’s been a hectic year for us with our busiest days ever on the blog, not that we’re complaining of course. We love the attention!

It also means we’re proving useful to people and that’s always our aim. After all, the MoneyAware team are dedicated to bringing you the best budgeting tips, advice and debt news, and we’ve been doing so for over four years now.

It’s become a tradition for us to reflect on the past year and have a look at what you, our readers, thought were our most popular posts. The first week of 2015 seemed like the ideal time to do it, so let the countdown begin!

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Should I be worried about my credit rating while on a DMP?

posted by in Credit Files, DMP 22 Comments

Should I be worried about my credit rating while on a DMP?

Well, should I?

I’ve been giving debt advice for seven years and in that time I’ve talked with people from just about every walk of life who have fallen into difficulty with their finances.

Over the years I’ve spoken to many people who have felt like having a good credit rating is a sign that they’re a good person.

They therefore think that by damaging their credit rating this will somehow make them a bad person.

I’ve never subscribed to this viewpoint and I don’t think you should either.

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How to improve your credit rating after a DMP

posted by in Credit Files 5 Comments

How to improve your credit rating after a DMP

How to improve your credit rating after a DMP

If you’re close to finishing a debt management plan (DMP) then there’s a good chance that you’ll have no interest in taking out more debt. And we wouldn’t blame you!

However, if you’re planning your financial future – say, applying for a mortgage, a good deal on your car insurance or even getting a good deal on a monthly mobile contract – it’s important to spend time working to improve your credit rating first.

We can show you how to make yours a bit better. However it’s important to say that none of these tips are magic cures. If you follow them it’ll mean you should be making small improvements to your credit rating over time, but you’ll probably have to wait a while before your credit history is in tip top shape.

With that in mind, here are our top tips to get your credit file on the road to recovery… Continue reading »

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Can I get a mortgage while on a DMP?

posted by in Credit Files 51 Comments

Can you get a mortgage on a DMP?

Can you get a mortgage on a DMP?

Being in debt doesn’t mean that you can’t have dreams. So if you’re in debt and hoping to get on the property ladder then it’s quite natural that you’d start to think about whether you can get a mortgage if you’re on a debt management plan (DMP).

There isn’t an easy answer to this question because every situation is different, but we can tell you a bit about what your chances are. Continue reading »

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Credit ratings: facts and fiction

posted by in Credit Files Leave a comment

We’re proud to welcome James Jones back to MoneyAware after his excellent credit report article last year. He’s Head of Consumer Affairs at Experian and works on a range of initiatives to help promote public understanding of credit report-related issues.

credit report sample from Experian

Sample credit report from Experian

I know that many people struggle to understand credit reports and credit ratings, but I was still shocked to see the results of a recent Experian survey. 

Carried out by our CreditExpert service to inform future awareness work, the survey aimed to identify the common myths and misconceptions that exist, particularly around people’s awareness of the factors that do and don’t affect credit ratings.

The results showed that we clearly have a lot of work to do!

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