Monthly Archives: December 2015

5 top tips to improve your Experian Credit Score

Everyone has an Experian Credit Score. Looking after it, nurturing, growing and improving it can help you get a better rate on loans, credit card or mortgages.

The Experian Credit Score is a guide to help you understand your credit report, and how the way you’ve managed the credit you’ve had in the past might affect applications you’re making now. 

It can also help you keep an eye on your progress while you maintain or improve your credit score before you apply – and here are our
five top tips to help you do that.

Tip 1 – Stay within credit limits and keep balances low – The lower your overall balances (not including mortgage), the better. If you can afford to pay off a bit more debt and you want to improve your Experian Credit Score, reducing the balance on your credit cards and overdraft can be useful. Close unused credit accounts if you don’t use them anymore, as lenders can take into account the credit limits available to you, not just what you owe at the moment.

Tip 2 – Try not to make too many applications in a short space of time – A scattergun approach to making credit applications, even if you see it as just shopping around, can have a negative impact on your Experian Credit Score.  Each application is recorded on your credit report and if lenders see lots in a short period, they could think that you’re desperate for credit or suspect fraud. 

Tip 3 – Set up direct debit payments to make sure credit bills are paid on time – Missed or late payments stay on your credit report for at least six years, and this can have a big impact on your score.  Regular payments on time can help build up a good credit account payment history. 

Helpful guides from Experian about credit scoring

Tip 4 – Register to vote at your current address – Lenders use the electoral register to help confirm who you are and where you live. 

Tip 5 – Review your credit report regularly – Make sure it’s up to date, and that the information on it is accurate. If you do find anything that needs correcting, contact the relevant lender and ask for an amendment – Experian can also raise a query on your behalf. Even small details like the way your name and address is recorded could have a significant impact. Also check your financial associations with other people.

One in four feel pressure to overspend at Christmas

Guest blog post from National Debtline, the free debt advice service run by the Money Advice Trust.

MCC logo-350Do you ever get the feeling that you overspend at this time of year?

Research carried out by National Debtline has revealed that one in four people feel under pressure to spend more than they originally planned this Christmas.

Promotions such as Black Friday, as well as the expectations of children, partners and other relatives are cited as common factors contributing to overspending.

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What to do about missed or late payments

Missing a credit repayment can happen to everyone – but don’t be tempted to skip or delay your monthly repayments.

Late or missed repayments stay on your credit report for at least six years, so it’s not hard to see how important it is to stay on the right side of repayments. Your credit report can show you if you’ve missed some payments on cards or loans you have.

What happens with missed or late payments?

If you apply for new credit, and lenders see late or missed payments on credit agreements with other lenders, they may be concerned that you will miss payments to them too.

Late or missed payments in the past six years are likely to impact your credit score, meaning that any credit you do apply for and manage to get might cost you more money.

Watch video: What happens if I miss a credit card payment?

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Making Christmas Count this year

Staying on top your finances at Christmas can be tough, especially when there’s a lot to pay for, and a lot of time to fill.

Many people feel under pressure to spend more than they originally planned this Christmas, and the New Year can often be the time when people struggle with bills and money worries the most.

New research from National Debtline has showed that almost a quarter of Britons surveyed (23%) said they felt under pressure to spend more.

Making Christmas Count
Our friends at the Money Advice Trust are #MakingChristmasCount through December, which aims to show that you don’t need to spend a lot to give a thoughtful gift, or a great Christmas experience.

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Nominate a ‘superhero’ for the Experian Honours List

Anyone can be a superhero.  But is there someone you know that makes an extraordinary contribution?

Experian are recognising people who go the extra mile with our ‘Honours List’ to end the year 2015.  To that end, we’d like you to nominate anyone who you’d like to be recognised for their efforts to be honoured.

It could be someone who’s worked tirelessly for charity, volunteered in the community, been an inspiring teacher or leader, someone who puts others first, and much more.  Friend, family, neighbour or colleague. There are all kinds of reasons, the choice is yours.

To make a nomination, you can:

–          comment below the video on our Facebook page
–          comment below the YouTube video
–          tweet us using #ExperianHonours

saying who you are nominating and why.

We want to discover more about what they’ve done and recognise them personally, and maybe they could star in the first ever Experian Honours List video!

5 tips if you’re starting your own business

Join @experianexperts on Twitter from 11am-2pm on Thursday 3 December, for a live Q&A from the Business Start-Up Show. Tweet your questions using #AskExperian

People start their own business for all sorts of reasons. Perhaps they’re looking for more freedom, or want to get off the job treadmill, or maybe they just feel ready to take on the challenge of running their own company.

In 2014, there were 587,000 new businesses set up*,  more than in any other year on record, most of them small operations with their own challenges.

But whether you’re a plumber setting up a one-person business, a financial adviser setting up a practice with some colleagues, or an entrepreneur launching your own product, there are some things that apply to everyone when it comes to running a business.

Here are five things that need to be at the forefront of your mind. Continue reading