Covid 19 Status

In line with HM Government requirements to fight the spread of Covid-19 we have measures in place to ensure that we protect our staff, their families and the wider community, but also to ensure that there is minimal disruption to our customers.

Your access to online Multi Agency Credit Reports, Expert Help and Account Management remains unaffected. We take great pride in the support that we provide to our customers and throughout this period will do all we can to minimise the impact on our services. While the country remains in lockdown we will continue to support your queries via a dedicated and experienced team that will be securely working from home, and supported by a Management Team that will continue to be based at our head office and who will be able to provide customer support as required.

The security measures that we have in place to protect your Personal Data, in line with our Privacy Policy, will mean that some elements of our personalised support are affected during this period as our support team will be working with anonymised data when working remotely. Freephone access to our Credit Analysts has been removed during this period while we focus our efforts on continuing to reply to all of your emails and secure messages within one working day.

Thanks for your understanding, and we hope to have full customer support available as soon as possible and wish you well during these challenging times.

CREDIT REPORT SERVICES AND ONLINE EXPERT HELP ARE FULLY OPERATIONAL - PHONE LINES ARE CLOSEDCOVID-19 STATUS

ONLINE SERVICES FULLY OPERATIONAL
PHONE LINES ARE CLOSEDCOVID-19 STATUS

UK Households More Likely to be Borrowers Than Savers

Posted by Sam Griffin in Personal Finance on 3 September 2018

UK Households are now more likely to be borrowers than savers, with savings at their lowest since 1963, according to a study by the Office for National Statistics. Households are increasingly borrowing more – by taking out loans, mobile phones, car finance, and mortgages – than they are actively depositing into savings accounts.

The Office for National Statistics said that the amount UK Households managed to save from their disposable income fell to just 4.9% in 2017.

The reasons behind this trend include low interest rates and tight family budgets but as the national reliance on credit continues to grow, so does the importance of the nation’s ability to take out credit. This news comes in spite of reports that millennials are not taking out credit, which could potentially be indicative of a wider generation gap than previously thought when it comes to personal finance.

Whether an application for credit is accepted or declined relies almost entirely on what’s on an individual’s Credit Report (in conjunction with ‘affordability’ tests), but unlike 1963, people are now more empowered by the ability to check the information on their report whenever they like.

If you haven’t already, you can try checkmyfile free for 30 days, then for just £14.99 a month afterwards, which you can cancel at any time.

Getting ready to borrow

Because of this increased need to borrow, it is more important than ever to ensure that your Credit Report isn’t holding you back when you apply for a loan, mortgage or any form of finance.

Many people will have taken out at least one form of finance in the last six years, and provided payments have been made on time, it should count towards a good credit history when viewed by prospective lenders. If you have not taken out credit in the past, there are ways to build up your credit history, even if you don’t use a credit card to do so.

There are a number of things you can check on your Credit Report to make sure you have the best chance of getting accepted for credit when you apply.

Negative information

The main thing that is likely to curtail an application for credit is negative information on your Credit Report. The impact that an entry will have will vary considerably depending on what it is, but in every case, it’s not there forever. Late payments, arrears, defaults and court information will remain on your Credit Report for a period of six years, after which it will be removed automatically. If a negative marker is due to be removed soon, you can time your application accordingly and in theory, it should be gone by the time the lender comes to check.

Incorrect information

It’s a legal requirement for lenders and Credit Reference Agencies to make sure that the information they are reporting about you is up-to-date and accurate, and although mistakes on your Credit Report are rare, they do happen. These can range from something minor to more severe errors, so it’s worth checking your Credit Report to make sure there are no mistakes being reported before you apply for credit.

Financial associations

If you have any old financial associations on your credit report that are no longer active (you no longer share a credit account with someone) you can remove them from your Credit Report. A Financial Association ‘ties’ your credit history to that of another person, and if they have a chequered credit history it is likely to reflect on you poorly when you go to apply for credit – and vice versa.

If you want to find out more about Financial Associations, try our handy guide.

Electoral Roll information

If you’ve recently moved you might not yet have had a chance to get on the Electoral Register. If you’re looking for another reason to do it, this information is hugely valuable to prospective lenders as a way of verifying your address. Without this information, you might struggle to find a lender willing to offer you credit.

To see what lenders see when they check your Credit Report, try checkmyfile FREE for 30 days, then for just £14.99 a month afterwards, which you can cancel at any time online. It’s the UK’s most detailed Credit Report, with information from four Credit Reference Agencies, not just one.

Remember: if you do decide to take out credit, you can make sure you get the best interest rates by making sure everything on your Credit Report is present and correct. That way you can borrow money while saving money at the same time.

Why a good Credit Rating is a bit like a VIP theme park pass

Getting approved for a new credit card or loan could be about to get more difficult, as lenders tighten their belts in response to the coronavirus pandemic.

Published on 20 May 2020 by Richard Catlin

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Virtual House Viewings for the self isolating home hunter

Virtual house viewings are soaring in popularity among house buyers as the UK government brings in tough measures to curb the spread of Covid-19. Among these changes is a shift towards reducing the size and number of social gatherings and a requirement for people to only leave their homes if absolutely necessary. Entire industries are entangled in the coronavirus’ grasp and these protective measures, while rightly designed to diminish the impact and spread of the virus, will inevitably have a knock-on effect that goes way beyond socialising.

Published on 14 Apr 2020 by Sam Griffin

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Can you still get a credit card during coronavirus?

Credit cards are increasingly in demand as the coronavirus pandemic develops across the world. Since the start of March, UK Googlers have been searching for ‘credit’ at rapid rate and it’s no surprise why. Workers across the country are finding their employment and income uncertain amid the financial challenges posed by Covid-19. Many will inevitably lean on credit and financing for a little more purchasing power during this period of uncertainty.

Published on 7 Apr 2020 by Sam Griffin

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Statutory Sick Pay: What you can get

Recent health concerns in the UK are starting to worry workers – and that’s putting it mildly. Pandemics and tumbling stock prices are rarely good for business and, where businesses struggle, often so to do the personal finances of workers. But what happens if you fall ill in the middle of all this?

Published on 19 Mar 2020 by Sam Griffin

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Lloyds and Nationwide to offer coronavirus mortgage payment holidays

Lloyds Banking Group – which includes Bank of Scotland and Halifax – is just one lending organisation that’s offering to help ease financial pressure on customers impacted by the recent coronavirus (Covid-19). Mortgage payment holidays are the most talked about measure, but there’s a host of other measures for renters and credit card customers too. Worries over debt repayments are understandably widespread, as the virus continues to damage not just the health of workers across the UK but businesses and share prices overall.

Published on 19 Mar 2020 by Sam Griffin

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Everything you need to know about buy now pay later

One of the latest trends in retail is the growing popularity of buy now, pay later schemes. The premise of buy now, pay later is exactly as it sounds, allowing shoppers to delay and stagger payment for a product that they can take home immediately.

Published on 2 Mar 2020 by Andrew Brown

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Child maintenance court records to show on your credit report

Since March 2015, The Child Maintenance Service (CMS) has been sharing information with the UK’s Credit Reference Agencies. This means missed Child Maintenance payments can be flagged up on a late payer’s Credit Report, potentially harming their Credit Rating and making a successful credit application – whether a mortgage, credit card, or loan to name a few – even more tricky.

Published on 20 Jan 2020 by Kirstie Brown

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How Far Back Can I get my Credit History?

For your recent payment history information, your Credit Report has everything you need; that’s why it’s given so much importance by lenders whenever you apply for credit. But if you’re looking for information that’s six years old or more, it’s probably not be the best place to start.

Published on 10 Jan 2020 by Jamie Mackenzie Smith

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Blue Monday: The Most Wonderful Time of the Year

Once Christmas is done and dusted, tree packed away or sent for shredding, and decorations retired for another year, a powerful mindset seems to swiftly grip the UK, leaving everyone convinced that January is the worst time of the year. The Christmas spirit has floated out the window as quickly as it arrived, and we’re left with cold, rainy days and the inevitable mountain of credit card bills.

Published on 2 Jan 2020 by Sam Griffin

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Do New Year's Resolutions Work?

Before launching yourself into a New Year’s resolution, it’s worth treating the age old tradition like any other product or service – check out reviews from people that have already tried it, see if it’s worth the effort and – crucially – find out whether or not it will actually work.

Published on 24 Dec 2019 by Sam Griffin

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