Are you struggling to get finance? Do you keep being declined, and you’re not sure why? Our handy top 5 tips to improve your credit rating could help you.

1. That Could Improve Your Credit Rating
Are you struggling to get car finance? Do you keep being declined, and
you’re not sure why? Our handy top 5 tips to improve your credit rating
could help you.
www.glensidefinance.co.uk
5 TIPS

2. Register to vote at your current address
Lenders check the electoral roll as a precaution against
fraud and to check that you live where you say you do.
Lenders also check for an address history and having no
official record of previous addresses can negatively
affect your application. Registering at any address
you live at (even temporary or short-term
addresses) could help your credit rating.

3. Review your credit report regularly
Lenders use your credit report information to make their decision.
Under the Consumer Credit Act you have a right to see your report held by each
credit reference agency for £2.
http://www.equifax.co.uk/Products/credit/statutory-report.html
http://experian.co.uk/consumer/statutory-report.html
Be careful! If you opt for the 30 day free trial a monthly fee applies after the free trial
ends and you must cancel the trial to avoid the fee.
Make sure your report is up to date and accurately reflects your circumstances.
Look out for any suspicious entries that look unfamiliar to you as this could be a sign
of identity fraud.
Check your financial associations with people and ensure they are correct. If you wish to
remove a financial association to someone complete a financial disassociation form.

4. Space out credit applications
Applying multiple times for credit in a short space of time
can be a sign of desperation or fraud to lenders. Try
to avoid applying multiple times within the same month
and aim to leave at least a few months between
applications.
Keep personal information (such as how long you’ve lived
at your address or your employment details) the same
between applications. Lying on a finance application
form is fraud and could result in the application
being rejected.

5. Keep up with existing
repayments
Try to make at least the minimum repayment required. If you
are struggling to keep up with repayments, contact your lender
to discuss your options. Ask for a repayment schedule rather
than ignoring the lender and defaulting on the loan.
If you have existing defaults then ensure that you are working
towards clearing them and lowering the balance.
Buying everything with cash and having no credit history can be
a bad sign to lenders. If you have no past credit information they
cannot judge how well or badly you are likely to pay them.
We specialise in providing car finance for people with bad credit
which can be a great way to rebuild your credit rating if your
repayments are made on time.

6. Protect your identity
Ensure that you shred any paperwork containing your
personal information.
Criminals can steal your personal information and use it to
open bank accounts or take out credit in your name.
Be wary of any letters you receive demanding
payment for an account you didn’t set up. Check
your bank statements for any unfamiliar or suspicious
entries and avoid cold callers who ask for money or
personal information.

7. Bad Credit Car Finance Specialists
www.glensidefinance.co.uk