Can switching accounts save you money?

Moving into a new home can be a great opportunity to check whether you’re getting the best deals from the bills you pay, whether that’s energy, broadband or credit cards.

Often, once an introductory deal is over many people allow their contracts to roll on to higher rates without even realising it – so they end up paying more each month for the same thing.

So now may be a good time to compare deals to make sure you’ve got one that suits you, and Experian can help you every step of the way.

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We are a credit broker not a lender, working with selected lenders.†

Switching energy providers could save you money

Did you know switching utilities could save you over £200 a year? Loyalty can often mean you’ll end up paying more – from October to December 2016, UK households spent £3.61 per day on water, electricity and gas, a rise of 11% on the previous quarter.

In fact, domestic utility switches were up 25% in the 12 months ending February 2017, and there’s no shortage of account providers and suppliers looking to attract new customers.

March 2017 Office of Gas and Electricity Markets (OFGEM) figures suggest there is as much as a £250 difference between the cheapest deals and the average standard variable tariff. Tariffs are changing frequently, with companies trying to get customers from their rivals and maintain their loyalty.

How to compare energy providers

Find a benchmark, and check as many companies as necessary before you find the one that gives you the best deal to suit your needs.

Look into customer service as well as price – you might see a low tariff in the compare charts, but then find out that comments on the forums suggest that the provider has a poor reputation.

It’s worth remembering that energy prices differ around the UK so the cheapest provider could change when you move home.  Reviewing deals every six months can ensure you are on the cheapest deals to suit your needs.

Changing should take a matter of minutes – it’s all done for you and all you usually need is your postcode and your email address.

Compare energy deals

Switching to a different credit card could save you money

When you buy a new house, you’ll probably want to furnish it straight away and transform it into your dream home.

If you want to use a credit card, make sure you read about the different types to get the right one for you.

0% purchase cards could help spread out costs, giving you more time to pay it off and make flexible monthly payments without having to pay interest. Balance transfer cards can help you move credit card debt to another card with a lower rate or no rate at all, typically for a small transfer fee.

If you switch to a credit card with a 0% offer, make sure you never miss the minimum monthly repayment as this can result in additional charges and could negatively affect your credit score. If you can, try to clear the balance by the time the offer period ends and the card reverts to a standard rate.

Get credit cards you’re eligible for

You can compare credit cards matched to your credit information, and find which deals you’re more likely to be accepted for, with Experian CreditMatcher and it won’t negatively impact your credit rating.

We are a credit broker not a lender, working with selected lenders.†

Compare energy deals

Experian CreditMatcher also allows you to check your Experian Credit Score FREE forever, to help give you an idea of how lenders may view you. With Experian, you can feel financially prepared and confident in your new home.

†Experian acts as a credit broker and not a lender in the provision of its credit cards and personal, car finance and guarantor loans matching services, meaning it will show you products offered by lenders and other brokers.

Experian acts independently and although CreditMatcher shows products for a range of lenders and other brokers it does not cover the whole of the market, meaning other products may be available to you. CreditMatcher services are provided free however we will receive commission payments from lenders or brokers we introduce you to.

CreditMatcher is provided by Experian Ltd (Registered number 653331). Experian Ltd is authorised and regulated by the Financial Conduct Authority (firm reference number 738097). Experian Ltd is registered in England and Wales with registered office at The Sir John Peace Building, Experian Way, NG2 Business Park, Nottingham, NG80 1ZZ.

Copyright © 2017, Experian Ltd. All rights reserved.

3 thoughts on “Can switching accounts save you money?

  1. Mihai Bamboi

    Hi I have a problem with my experian account i cannot update the main adress i’ve trying by months it keep saying that I should try later.but still nothing .can you help me with that ? thank you

    Reply
  2. Michelle

    Hi, I am in a sticky situation at the moment because I had a personal loan with Tesco which I have been paying on time with no issues however I recently went on maternity leave so I arranged to make smaller monthly payments with them but it has now come to my attention that it is affecting my credit score dramatically as it is saying that I am making late payments which is not true. I have plans to buy a home next year and fear this will now affect my chances. What can I do to clear up this mess ?

    Reply
    1. CreditExpert Neil

      Hi Michelle, sorry to hear of your situation. Making an arrangement to pay less each month can still lead to late payments being recorded on your credit report as payments are not being in line with the original agreement.
      If the account has not been recorded as a default then it would still be active and possible to bring the account back up to date. The lender should then start recording payments on time again each month and your Experian Credit Score would start to improve again. You may want to contact your lender to find out what payments you need to make to bring the account up to date.
      The older the late payments become the less of an impact they will have on your Experian Credit Report.
      Kind regards Neil.

      Reply

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