Knowing your credit score and understanding the information held in your credit report is a great way to maintain financial health.
By keeping a close eye on your credit score you will be able to track any changes and why they may occur. Your credit report gives you an easy way to check the information held on you is correct, as mistakes can affect your credit score and chances of being accepted for the best deals.
Quick checks you can make on your credit report to ensure it is up-to-date and accurate include:
1) Your address
Even the smallest mistake on your address could potentially affect your credit score or chances of being accepted for better deals on credit. So it’s worth making sure your address as recorded on your credit report is current and correct.
2) Registration on the electoral roll
Lenders will look at whether you have registered on the electoral roll and if you’re eligible to do so, if you have registered to vote. Your electoral roll information is on your credit report so you can check if this is up to date.
3) Credit card or account balances
Using your credit report to check your balances is a quick way to assess how much you owe on all the accounts you have, in one place. You can also check the percentage of credit used on one or across all your accounts.
4) Financial connections
Your credit report will also tell you who, if anyone, you are financially linked to, by means of perhaps a joint bank account or mortgage, so it’s worth checking this information is still current.
5) Recent credit search activity
By having access to your report you can monitor the applications you’ve made for credit to try and keep multiple applications down – or detect early signs of fraud if you see any you don’t recognise.
6) Payment history
Your report will provide this information, and also help you check if a missed or late payment has been reported in error.
7) Account history
You can also check your report to assess what accounts are held in your name – and if this is still correct.
Check your credit score and report for free with Credit Monitor
By registering with MoneySuperMarket’s Credit Monitor app you can check your score and report for free. Once you have registered you will be able to view your report with clear summaries of your accounts, including balances on any credit cards, loans or overdrafts you hold. You can also check that all your information, such as your address, is correct.
We can also give you specific tips on how to potentially boost your score, along with showing you which credit cards deals you are most likely to be accepted for.