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There is no credit vs. poor credit: what is the big deal?
You may have a thin credit record... maybe you have poor credit rating... but who knows?? Although you have probably already learnt many a time about the no credit and no credit concepts, you may not be able to figure out what makes them different. In this way we will explain the difference between no credit and poor credit and how both can affect your well being.
Most important first, what's a credit record? Creditors can use your reports when requesting finance to assess how strong your creditworthiness is. The credit bureaus will only store your credit information for six years, after which it will fall out of your credit record. Review Intelligent Lending Ltd (Credit Broker) now.
A person will not have a credit record (or a thin file) if they have never lent or owe anything. For this reason, they may hesitate to authorize you for loans to help guard against possible risks. Conversely, poor lending is usually the product of someone who has previously taken out credit and made the wrong payments.
Therefore, their credit reports could indicate missing or delayed payment, default, CCJs, default and IRVA. However, don't be afraid, some creditors specialize in giving credit to those with a less than flawless credit record. Take your credit rating improving but here are 5 easy ways you can start building yours from scratch.
5 ) If you are currently hiring, register with Credit Ladder.
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