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Improvement of your creditworthiness and the rent exchange
Their credit information is a personnal story of the finance credit that you had or requested in the last six years. Their creditworthiness or valuation is determined on the basis of information in this brief. The credit information is kept by credit bureaus, three of which operate in the United Kingdom: Experian, Equifax and Call Credit.
Creditors and corporates use credit ratings to determine whether they want to give their clients acces to their product or service. Higher creditworthiness means that you often get better prices for goods and financial benefits such as natural gas as well as power, insurances, bank deposits, cell phone or consumer credit. You will also include information on persons with whom you are or have been associated in financial terms.
If, for example, you have a common banking partner you will be regarded as a member of our group. Even though their credit histories do not appear in your credit reports, lenders are able to look at the other person's histories as their circumstances could influence your ability to refund what you are borrowing.
Here is a Experian 5 Top Credit Enhancement video: You should review your credit reports on a regular basis (annually or before any larger use such as obtaining a mortgage) to verify that everything is correct and up to date and to help prevent cheating. This can be done by obtaining a copy of your legal credit reports, which can be obtained from any credit bureau for a £2 charge. Your legal credit reports do not tell you your creditworthiness or your credit ratings, but each bureau will offer a product to help you track your creditworthiness and your finance profiles, usually for a month each.
Below you will find direct access to information on how to apply for your legal credit reports from any of the three credit bureaus in the UK. It is also possible to select whether you wish to have your reports sent on-line or by post: http://www.experian.co.uk/consumer/statutory-report.html. Should you discover any errors, you can turn to the credit bureau.
Lending bureaus depend on information from creditors, and often the creditor is in the best possible position to solve this. Riverside's one of the ways in which it helps its clients enhance their creditworthiness is through the rental exchange. It is our belief that the payment of your rental should offer you the same advantages as the payment of a hypothecary.
That' s why we work with Big Issue Invest and Experian, the UK's biggest credit bureau, to help you use lease fees to help establish a good credit track. Under the program, we share your lease and lease information with Experian on a month -by-month base. It will help you to verify your ID and your postal details and provide proof that your lease has been paid on schedule.
It could make it simpler for you to obtain cheap credit or debit card payments, better prices for natural gas as well as power, and to open or switch your banking account more convenient. Under certain conditions, we recognise that you may have outstanding rental payments, and if this is the case, we will work with you to resolve them.
Timely payments of your rental will help you find less expensive goods and service in the near term. If you have any problems with the rental payments, please do not hesitate to get in touch with us. We have been exchanging rental accounts information with Experian on a regular subscription base since January 2016 and your rental payments are based on theirs.
We will take some getting around to building up the information that will be used by creditors and services provider, and to appear on your credit reports. The reason for this is that they need to develop enough information to show a successful credit decision process. As part of your credit reporting, you can review your rental payments later in 2017, either by asking for your statutory credit reporting or by a credit expert (see section above "How to review your credit report").
In the meantime, you won't see any effects, but you can be sure that you have already built a good lease payment record that will soon improve your credit rating. Riverside and Experian both ensure that your data is handled in accordance with the Data Protection Act so that you can be sure that it is handled securely and confidentially.
For more information on the rental exchange or how to get your credit information, please go to www.experian.co. uk/rentalexchange or call 0115 941 0888. Please contact us if you wish us not to disclose your information to Experian under this program and you wish to unsubscribe.