Move Ahead Of The Borrowing Game

Buddy's loves people with bad credit!

With today’s worldwide failing economy, there has probably never been a more important period to get a copy of your borrowing report. Most us haven’t a clue about the criteria banks use to rate their chances of requesting credit – and it unsurprisingly isn’t as simple as you might think.

Criteria such as missed installments on personal loans and credit cards clearly influence banks decisions, but are you aware that you may be declined a mortgage because you haven’t ever had credit? It sounds crazy, but in fact lenders need not only to know that you are not already overloaded, but too that you have a good history of meeting your repayments.

For this reason, banks you have in the past been lent money from supply record keeping companies such as Experian and Equifax with information on how you stand with your credit facilities.

Another thing people frequently don’t know about is debt histories aren’t limited to credit cards, secured loans and mortgages. If you have a pay monthly phone that is going to be detailed on your debt report too. How about your satellite television account? Yes, that’s qualifying as credit as well.

Anything that enables you to generate an invoice could be considered borrowing. By looking at your borrowing file, you might find that you’ve been providing prospective banks more information than you realise, or worse still, wrong info! Only by getting your borrowing file will you see what the lenders can see – in fact, everything they are able to see. There are no debt barred lists, it’s all done by a formula comprising the debt risk profile made up by the information on your application and your debt report.

The great side of this is that you can take simple steps to improve your debt appearance – one example making sure you are fully registered on the resendential list. For more good advice, head over for the free trial of your credit history below – there’s no pressure to continue and buy so it really is risk free. A lot of people do buy after their trial however, as the cheap option could save them a lot of hassle in the long run.

So, why not make an effort to improve yourself right now and get a free trial? The Free Stuff website have joined up with Experian to offer a trial at no cost which means you can see everything on your borrowing report. It’s all on the web, so you will be looking at the same information the bank manager can see in just 5 minutes.

• 10 Actions You Can Take To Avoid Credit Card Fraud
• About Credit
• TheCreditTruth.org