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How to improve your credit rating and make a difference

As a larger and larger proportion of the UK population stare headlong into the financial abyss we are seeing more and more people downgraded by various credit reference agencies making it more difficult to access credit in the future. However, even if you have been through the worst financial upheaval there are ways and means of improving your credit rating and starting to build again even from the very bottom.

Your first port of call when checking your credit rating should be to ensure that the data held by the likes of Experian and Equifax, the two leading UK credit reference agencies, are correct. More and more people are finding that their credit ratings and their credit worthiness are being impacted by inaccurate information which can be corrected fairly quickly. However, for those who have suffered financial problems in the past getting back on track is not as difficult as many would have you believe.

In order to build up your credit rating you need to show that you are able to pay off your debts on a regular basis, open bank accounts and where possible arrange for a family member or a trusted friend to call sign a small loan agreement to show that you are able to abide by the terms of such arrangements. It is basically just a way of showing the credit reference agencies that you are back on the ladder and you are now able to keep up with your payments and pay off your outstanding balances when due.

We are not advocating taking out credit arrangements and loans which would push you back into financial trouble but simply showing the credit reference agencies that your finances and your attitude to debt have changed.