MONEY
ON
ON ND with Martin Lewis H
e’s the UK’s leading money saving expert – a journalist and presenter who has kept millions of pounds in people’s pockets, as well as lifting the lid on the threats and dangers we need to be aware of as consumers. In this article, Martin looks at how we can repair our credit score. Let’s be honest, the last couple of years haven’t been kind to our finances. The good news is the ability to rescue and repair that credit rating is within our own hands, and with a concerted plan we can get back to where we want to be. And that’s important having a good credit rating means gaining access to
preferential interest rates; it could be the di erence between being able to buy a house, or rent a flat, or not; and it also gives us peace of mind that if an emergency crops up we can lean on financial support. When it comes to improving our credit score, first check your current rating with the likes of xperian or uifax and know what you’re dealing with. When you’ve done that, see about disassociating yourself from others who may be pulling you down with their own che uered credit history their activity may be negatively impacting yours. Next, get yourself signed up on the electoral roll. t’s a great way for credit agencies to be able
to verify who you are and adds a layer of authenticity to any application. Spring cleaning your finances is another really sensible option. Many of us have old credit cards or bank accounts that we don’t use. They may seem harmless on the face of it, but they all represent risk as far as your credit score is concerned. Next, start investing in your credit future. Using a credit card may seem a peculiar way of improving your credit, but done sensibly it will. And by sensibly, mean use it for everyday purchases on the specific understanding you’ll clear the balance at the end of each month. Doing this will boost your credit rating and prove to any lender that you can be trusted. Finally, if you can’t a ord to clear your full balance at the end of the month, at least pay o more than the minimum payment. Mending your credit score won’t be achieved overnight, but your future self will thank you for your e orts today 61
