Starting on 1st September, we’re launching a brand new radio show “The Money Hour” in association with LBC. Co-hosted by Clive Bull and Sarah Willingham, it’ll be from 9 to 10pm on Monday nights. Experian’s resident money expert and Head of Consumer Affairs, James Jones, and experts from other organisations will join the presenters discussing issues such as mortgages and car loans, giving help and advice on credit matters and answering listeners’ questions. I spoke to James about the upcoming launch of the show, and here’s what he said.
What’s in the show? We’ll be discussing key issues such as qualifying for a mortgage, getting the best deals & avoiding credit refusal, and we’ll share our top tips for building a great credit rating!
What are the biggest myths surrounding credit ratings and credit scores? There are so many myths which are really frustrating for us and sometimes damaging to the public. For example, many people believe checking their own credit report will damage their credit rating. Of course this is totally false and if there’s any impact it’s likely to be positive as you may identity information or behaviour you can change to improve your credit rating in the future. Another example is ‘blacklisted addresses’, which simply don’t exist. But some people believe they do and make bad decisions about their finances as a result.
What should someone do if they get refused credit? We should all see credit refusal – and we all get turned down from time to time! – as an opportunity. Push the lender for an overall reason – and only they can tell you this as only they know! – and order your credit report from the credit reference agency the lender consulted and check through the information carefully.
The top three reasons why checking your credit report can only be a good thing?
1) For a start, checking your own report from time to time compliments the work the credit reference agencies do to try to make sure you’re the information is accurate and up to date. And if you do spot something that needs changing you can alert the agency which will then launch an investigation on your behalf.
2) By checking your report you may identify things you could do to improve your credit rating, for example by registering on the electoral roll.
3) Many victims of identity fraud discover the crime when they check their credit report, and in most cases the early you spot fraud the easier and quicker it is to sort out.
——————— The Money Hour - every Monday from 9-10pm on LBC. A podcast link will be available here on the Experian Experts blog each Tuesday following the show.