Your credit report can help banish debt worries

Let your credit report help you beat debt worries

Let your credit report help you beat debt worries

Money worries can keep us awake at night. Research by the Debt Advisory Centre shows that one in eight UK adults worry constantly about what they owe and a further one in five are often concerned about their debts.

Moreover, more than half those with money worries said their financial situation gives them sleepless nights. Many also thought the stress has been affecting their relationships and their health. Just 6.5 per cent of borrowers were unconcerned about what they owed.

One place to start dealing with it is to check what’s on your credit report. The data & information held there summarises your credit history, so it can be worth reviewing it on a regular basis, and making sure it provides an accurate and up-to-date picture of your credit histories.

Check your credit report
Even simple discrepancies on your credit report, such as different ways of listing your name and address, can make a difference. Should you find anything that isn’t accurate, contact the relevant lenders to get it altered. Getting it right could help you to understand, protect and take steps to improve your finances.

Keep an eye on your credit score
The Experian Credit Score helps people understand how their credit history could be interpreted by lenders. It’s a guide to help you understand your credit report, and how past credit management can impact on future credit applications, and for you to monitor your progress as you get your finances in order before you apply. Repaying your debts should mean a higher score – and potentially better deals in the future.

Don’t put your head in the sand
Don’t be tempted to skip or delay your monthly repayments. Your credit report can show you if you’ve missed some payments on cards or loans you have, and as late or missed repayments stay on your credit report for at least six years, it’s not hard to see how important it is to stay on the right side of repayments. If you accidentally do miss one, you can explain it by adding a “notice of correction”, which is a statement of up to 200 words.

Help is available
To simply review the information held on your credit report, to ensure everything is accurate and up to date, you can apply online for a Statutory Report which costs just £2. If there is any information which you think may be inaccurate, you can contact Experian’s customer service team. If you’re struggling to make ends meet, talk to your lenders – you may be able to arrange a repayment schedule. If you’re seriously worried, you can get free advice from bodies such as Citizens Advice Bureau, the StepChange Debt Charity and National Debtline.

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