Credit

Think your credit score could be better? Here’s how you could improve it:


Credit scores not only just influence the decision of mortgages and credit cards, but also affect mobile phone contracts, bank accounts, monthly car insurance etc. With this in mind, monitoring and improving your credit score is now more important than ever.

Think your credit score could be better? Here’s how you could improve it:

So what is a credit rating, and how does it impact you?

A credit score or rating is a numerical measurement of an individual’s creditworthiness. Lenders, such as banks, credit card providers and companies such as IN-SYNC Credit Services, will use credit scores to evaluate the potential risk posed by lending the money to individuals. So, the higher the numerical value of your credit score, the better!

How can I improve my credit score?

  • First things first, make sure you are registered on the electoral roll. If you aren’t registered, getting credit will be much harder!
  • Check for any incorrect information, or fraudulent activity on your credit file and contact the credit reference agency straight away to let them know.
  • Pay all bills on time. Missing payments can lead to County Court Judgements (CCJs) which have a serious effect on your credit score.
  • Don’t move house a lot. Lenders feel more comfortable if they can see you have lived at the same address for a considerable period.
  • Never miss or be late on any credit repayments
  • If you have recently split from a partner, make sure you delink financially too! Joint accounts can affect your score, make sure you contact the credit reference agency and ask for a notice of disassociation.
  • Minimise credit applications by using free eligibility calculators. A lender can see all credit searches on your file, and therefore if you’ve applied for lots of credit, it doesn’t look too favourable.

I don’t know what my credit score is, how can I check?

There are three main credit reference agencies in the UK, CallCredit, Experian and Equifax. These are the companies who compile all information about us, and therefore run searches when instructed to do so by a lender. Different lenders will use various reference agencies, meaning that scores can differ due to varying bandings from each agency.

If you’ve never seen your credit file, or want to know your score, each agency offers a free service for people like you, and you can find these sites only by Googling. Alternatively, you can use Credit Angel, by visiting www.creditangel.co.uk.

IN-SYNC Credit Services has partnered with creditangel, as part of the application process for our customers to check their credit file before applying for credit. 

We would recommend that you run a search on your credit file once a year, to spot any mistakes before they cause you unwanted problems.

IN-SYNC Credit Services is part of the IN-SYNC Group and are authorised and regulated by the FCA. IN-SYNC provide a range of financial support services to the Employed and Self-Employed contractor market. 

Bibliography:
https://www.moneyadviceservice.org.uk/en/articles/how-to-improve-your-credit-rating
http://www.moneysavingexpert.com/loans/credit-rating-credit-score
https://www.clearscore.com/blog/clearscore-noddle-creditexpert-whats-the-difference

 

VAT Domestic Reverse Charge Delayed until March 21

16 June 2020

A 12-month delay has been announced by the Government for the UK-wide rollout of the new VAT domestic reverse charge within the construction industry. The reverse charge had been set to come into force on October 1st, 2020.


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