Credit History Reportloan progress report
Understand your credit standing. Barclaycard.
Prior to deciding whether or not to grant you credit, a creditor will look at a number of pieces of information in your credit history. Obviously, the most evident is any credit you've had or have had in your name in the last six years. Some of the other factors they consider include the length of your credit history and how often you have requested credit in a relatively brief period of the year.
Once a month we have to report your finance activities to credit bureaus, and this information can remain in your record for up to six years. So if you miss or make a discounted purchase, it will be mirrored in your credit history. Do you think that your credit standing is only verified for things like mortgages and credit cards?
Creditors review credit agencies:
Will the change in your name delete your credit history?
A name change can be like a new beginning. If you change your name, will it restore your credit rating? When you have had some credit management issues, it might seem enticing to clear your credit history like this. You can' get a whole new credit history just because you have a new name. Obtaining a new name can mean that creditors will be struggling to find your prior credit history.
When you perform a credit scan with your new name, you cannot associate it with your old nameutomatically. For this reason, when applying for credit, you are usually asked whether you have had your name change in the last five years. You can then associate your new name with your old credit history.
That means that in the merchant's eyes, the lender will be able to see your credit history for both your name under your new name. It is important that you do this because you do not have a credit history under your new name. That will ensure that you are on the voters list - that's what creditors use to check your ID when you are applying for a loan.
So the name change doesn't mean there's a brand-new credit history. The vote doesn't directly enhance your credit standing, but if the creditors can't see you on the voters' list, they might rather refuse you. Failure to make past payment will affect your creditworthiness for at least six years.
But, when the six years are almost over, make sure your credit history goes better forward by making all your payments punctually. Have a look at your credit information with the three credit bureaus Experian, Equifax and CallCredit in order to identify errors. It ensures that incorrect failures or delayed payment do not result in you not receiving credit.
Prior to applying for a loan, make sure that the creditor will probably approve you first. A number of creditors will let you perform a "soft credit search" on your report. There will be no trace of this in your report and other creditors will not be able to see the software sounder.