Home Loans & Credit How to boost your credit rating and land that loan

How to boost your credit rating and land that loan

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Many people will have no idea that paying for your car insurance annually instead of monthly can harm your credit score, while not opening a bank account for six months can improve it.

The criteria by which credit ratings agencies assess us are “deliberately obscure”, say consumer experts, who are demanding more transparency from the industry.

Credit reference agencies such as Experian, Trans Union and Equifax collect large amounts of information about us to form the credit reports that are used when we apply for loans, credit cards, mortgages and car finance.

They know your name, address, date of birth, whether you’re registered to vote, how much you owe lenders, whether you’ve made late payments, how many times you’ve applied for credit and what court…

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