How do I find out my Credit Rating

What is the best way to find out my creditworthiness?

It'?s not just about credit cards, mortgages and loans. What? There'?s no black list for loans either.

Instead, each of the lenders you are applying for conducts its own evaluation to see whether or not it offers you a loan. Yet, having a bad credit story makes it more likely that you will be turned down when you are applying to loan money. What's more, you'll be able to get a good credit rating.

When you do not comply with the conditions of your initial credit contract, information will be displayed in your credit history. As an example, delayed or non-payment of credit cards or loans will affect your creditworthiness in the near-term. Also, making just the minimal payback on your credit card every single month can have an unfavorable impact on your credit reports as it can guide lending agencies to suppose that you are fighting to clear your debt.

It is better for you to be with the facts in advance than to refrain from making credit or debit cards again and again without explain. If I am denied credit, what should I do? When you are denied credit, you have no statutory right to know the reason for it. You are not required to provide further information, but it is always a good idea to ask.

Once you have the feeling that you have been wrongly rejected for a loan, you can file a complaint and provide further information to assist your claim. Instead, you should review your credit reports and take action to enhance your creditworthiness before trying to lend from another creditor.

Does an IVA influence my credit rating?

?? Does an IVA influence my credit rating? The IVA affects your creditworthiness by remaining in your credit record six years after the start of the term (typically one year after the conclusion of your IVA). When you are in serious pecuniary difficulties, there is a good chance that your credit rating is already compromised and will only deteriorate further as reminders are sent against you.

However, any solution to your debts (other than rescheduling through re-mortgaging - if you have your own capital at your disposal) will have a negative effect on your creditworthiness, as you will no longer comply with your contract payments. When your finances are so serious that they require you to take an insurance, getting extra credit will only aggravate your condition.

All your montly IVA contributions include all your montly living expenses, so you do not need to receive any extra credit (except in special cases). Important thing to remember is that the consequences will not be much more serious of dealing with your debts problems correctly than hindering your ability to take out further credit if you are in dire economic trouble.

Find out more about our products and whether they are right for your needs in our IVA section. When you need to discuss debts with someone, please call the charity's help line at 0800 043 40 50 to discuss with an advisor.

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