Credit Repair

You have a credit file, I have a credit file, everybody has one – and they are all managed by a credit reference agency.

Having ‘bad credit’ means that your file has adverse details on it. In essence it’s a case of ‘computer says no!’ when you apply for credit.

And, if you are applying for a loan, a mortgage, credit cards, car finance or any other type of credit, ‘computer says no’ more often than not if you have poor payment history, County Court Judgements (CCJs), defaults in payment, are all logged on your credit file and sources of lending will automatically run credit searches on those applying for credit. They do this by contacting the major credit reference agencies, Experian Limited or Equilfax Limited, who hold files containing credit information on each and every one of us.

However, there may well be incorrect or out-of-date entries on your credit file which only reveal part of the story or should never have been added to your file.

So how do you prove you are worthy of credit and repair your credit history?
How do you put an end to being refused credit?

Consumers have rights to make certain that credit files are accurate and can repair their credit themselves. There are a variety of ways to do this, depending on the information on your file.

• Get a copy of your credit file
  
• Ask the credit reference agency or the lending institution to remove or correct wrong information.
  
• Add your own explanation of your financial situation (tell the full story).
  
• Challenge your entry with the lender and/or dispute the CCJ judgement. The credit reference agency will advise you if there are grounds to do so and, if you are successful in challenging an entry (including CCJs) it will be removed from your file.
  
• Ask for advice. If an entry shouldn’t be there, the credit reference agency will guide you through the entry removal process. However fair entries cannot be removed.
  
• Start repaying the defaulted payments/debt/CCJ. This is the only way to repair entries that are right and fair (those that should be there). The credit reference agency will then be able to add a note on your file explaining and correcting the current circumstances. (Note: only do this if you are sure you can make payments; otherwise wait until you are definitely able to do so).
  
• Add yourself to the electoral roll.

To obtain your credit file visit www.equifax.co.uk and or www.experian.com

Credit Repair
Credit Repair: Credit Repair
Credit Repair: Discover How To Repair Your Credit History
Credit Repair: Refused Credit? Discover Why
Credit Repair: The Credit Check
Credit Repair: Credit Information Factfile
Credit Repair: Bereavement or serious illness
Credit Repair: Divorce or separation
Credit Repair: Redundancy or income reduction
Credit Repair: Moving Home
Credit Repair: Leaving Home
Credit Repair: Beware of Dodgy Promises and Bogus Credit Repair Companies
Credit Repair: Sample Credit Repair Letters
Credit Repair: CCJ Removal
Credit Repair: Default Notice removal

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