Tag Archives: credit report

Top 7 Reasons to Avoid a Bad Credit Score

Having a bad credit score may be worse than what many people think because credit scores don’t stop with credit. Your credit score affects many more things apart from your access to credit. Here’s why you must avoid a bad credit score.

1. UK landlords are wary of bad credit scores

Since a credit score is an indication of a person’s ability to service their debt, a bad credit score can be taken to mean that you have a problem paying your expenses i.e. rent. In the UK, landlords have the right to ask potential tenants for their credit reports. A bad credit score can result in bad rental terms. In the worst-case scenario, you may not be able to rent certain apartments/offices if you have a bad credit score. To avoid missing out on great rental opportunities and terms, it’s important to do whatever it takes to maintain a good credit score.

2. It is harder to get a job if you have a bad credit score

Most employers in the UK and other parts of the world reserve the right to request for credit information from potential employees. Employers usually use this information to make hiring decisions. Although there are regulations dictating the extent to which employers can use credit information to make hiring decisions, you can lose a good employment opportunity because of a bad credit score.

3. Auto insurance may cost more if you have a bad score

Some auto insurers have found a direct correlation between creditworthiness and a person’s propensity to cause an auto accident and/or file dubious claims. Some auto insurers also assume people with bad credit scores are less likely to pay their premiums on time. Although this isn’t necessarily the case, some insurers use bad credit scores as reasons for increasing premium rates or denying coverage altogether. As a result, avoiding a bad credit score will help you avoid paying high auto insurance rates.

4. Professional licensing problems

You may also find yourself facing professional licensing problems if you have a bad credit score. UK Government agencies which regulate professions are allowed to use credit information when licensing many professionals. You may have problems getting your license as a professional i.e. financial adviser if you have a bad score even if you have met all other requirements.

5. Credit report errors can land you into legal problems

A wrong entry can ruin your credit score. If your credit score is bad because of errors, you can find yourself in legal problems since authorities i.e. investigating agencies usually pay attention to discrepancies in financial documents and such discrepancies can be used as a basis for investigations in financial fraud cases among other related cases. To avoid such problems, you must check your credit report frequently for errors.

6. A bad credit score can ruin your personal relationship

Relationships such as marriage can be affected by bad credit scores in the event where the bad score is caused by defaulting on debt. Most people wouldn’t be comfortable having serious relationships with individuals who have taken too much unmanageable debt. So, if you’re thinking of getting married, you need to work on your credit score. You are also bound to get into a lot of problems with your friends, family members, etc., if you don’t repay the money you have borrowed them and other people.

7. A bad credit score can cause you a lot of stress

Access to credit is very important for a person to be able to advance themselves financially as well as meet day-to-day expenses. If you can’t get a loan because of a bad credit score, you are bound to get stressed. You are also bound to be stressed if you can only qualify for bad credit terms i.e. high-interest payday loans. Stress can lead to other health problems like depression.


A bad credit score can cause you a lot of unnecessary problems that go beyond accessing credit. You are bound to have a difficult time finding a place to live (rent) if you have a bad credit score. The same applies to securing employment, getting car insurance and securing a professional license. A bad credit score can also ruin your personal relationship and land you into legal as well as health problems. The importance of avoiding bad credit scores can’t, therefore, be overemphasised.

Is the Company Director of Swift Money Limited.
He oversees all day to day operations of the company and actively participates in providing information regarding the payday/short term loan industry.

Do All Credit Report Companies Have The Same Data?

If you try getting your credit report from different credit bureaus at once and compare them, you will notice that different credit bureaus tend to have different information. Although all credit reports tend to have personal information, summary of accounts, public records, inquiries and customer statements, the information contained in each of these fields tends to differ from one credit bureau to another. For instance, a credit report from Equifax may have unique information that isn’t captured by Experian. If both reports from different credit bureaus have the same information, it may be presented or displayed differently.

How do credit bureaus work? Why is credit report data different?

To understand why credit report companies tend to have different data, it’s important to learn how credit bureaus work. Credit bureaus tend to use predictive FICO scoring systems. However, some credit scores may not be FICO scores. This is a notable reason why credit scores tend to differ from one credit bureau to another. Make sure you are comparing FICO scores first.

It’s also worth noting that some credit bureaus tend to optimize predictive value of their data. In such cases, underlying data may be identical, but differences arise due to each bureau’s FICO scoring system being different.

Credit report companies may also have different data because of time differences. Ideally, you should generate credit reports from different credit report companies at the same time. Credit reports tend to change every day as you use credit. Your credit report this week will, therefore, have different data when compared to a credit report generator a month ago.

Also, different credit bureaus may get access to your credit information at different times. In other cases, some credit information may fail to be reported to one credit bureau resulting in different data. It’s worth noting that the information presented in credit reports is provided by lenders among other institutions like collecting agencies. The information can also come from court records. As a result, don’t assume all credit bureaus receive the same information because this isn’t the case.

Credit report companies also tend to have different information because of errors you may have committed when applying for credit. For instance, applying for credit using different names can cause one credit bureau to have different information. Such errors usually cause fragmentation or incomplete files. Your information can appear in another person’s credit report.

Your lenders may also report your credit information at different times. Lenders aren’t obligated by law to report the credit information of their customers instantaneously to all credit bureaus. This makes it possible for one bureau to have some information another bureau doesn’t have.

Last but not least, different credit bureaus tend to record, display as well as store credit information differently. This alone can introduce some differences in data.
Understanding credit report data by company

1. Equifax

Equifax credit reports summarise open and closed accounts. Credit report companies like Experian and TransUnion group all accounts together making it hard to distinguish account information. Also, Equifax credit reports show more credit accounts data i.e. 81-month credit history.

2. Experian

Experian credit reports have unique features that most users find enlightening. For instance, Experian shows status details i.e. when accounts are scheduled to be removed from your credit report. This information is useful to individuals with negative information since you get to know when the information will stop appearing in your report.
Experian also offers reports with monthly balance history dating back years (November 2007). This information is important because it lets you know if you have any outstanding balances on closed accounts or any open accounts. You also get to discover information such as when you opened different accounts.


Changing inaccurate information in your credit report is important because helps to generate accurate reports. Changing credit score information can boost your credit score increasing your chances of getting a low interest payday loan.

Final thoughts

So, do all credit report companies have the same data? NO! Some credit report companies use different scoring systems. Others also go as far as optimising the predictive value of their data. Generating your credit report from different credit report companies at different times may also result in differences since credit information changes on a daily basis. Credit bureaus also get credit information at different times and record/display the information differently.

Is the Company Director of Swift Money Limited.
He oversees all day to day operations of the company and actively participates in providing information regarding the payday/short term loan industry.

How to Run a Credit Check in the UK


Although it’s not mandatory to perform a credit check in the UK or anywhere else, it’s a good idea to do so. Remember, a credit check reveals your credit score and credit history information that gives you indications of all the issues that are bound to affect your ability to access personal loans, payday loans, short term loans, mortgages, car loans etc. 

Getting started

The UK has 3 main credit reference agencies namely CallCredit, Equifax, and Experian. There are many other referencing agencies. It is, however, important to work with these three agencies because they are the most reputable. When you want to run a credit check, you should also consider the fact that they don’t all give the same score. It’s advisable to choose the agency that matches your lending needs perfectly i.e. an agency used by your preferred lender.

Requesting for a credit report

You can request for a copy of your credit report from any of the three main agencies in the UK. You can request online or offline (by post). UK citizens have the right to obtain their full credit report according to the Consumer Credit Act. The three main agencies are obligated to give UK citizens one free report a year. Citizens interested in getting their report more than once among other credit referencing services are required to pay a fee dictated by the credit reporting agency in question. Below is the information of the three main credit reference agencies in the UK to help you request for your credit report by post or online;


Website: http://www.callcredit.co.uk/, Phone: 0870 060 1414, Consumer Services Team, PO Box 491, Leeds, LS3 1WZ.


Website: https://www.equifax.co.uk/, Phone: 0844 335 0550, Equifax Credit File Advice Centre, PO Box 1140, Bradford, BD1 5US. 


Website: http://www.experian.co.uk/, Phone: 0800 013 88 88, Customer Support Centre, PO Box 9000, Nottingham, NG80 7WF.


When running a credit check online, you will need to enter your details to run a credit check. Agencies usually require you to register with your personal information i.e. your names, date of birth, email address and phone number. You are also supposed to review and accept the terms and conditions of the credit reference agency in question, confirm the information you have filled in and then submit your request. You may also be required to provide other information i.e. you payment information if you want to pay for other credit reference services. Once you submit, you should be able to get your credit report immediately.

Reporting problems?

In case you encounter a problem running a credit check, you can always contact the agency. If your report has problems, you should report and request for amendments. It’s important to note that credit reference agencies get information from banks/lenders you have dealt with in the past, so any errors submitted by those institutions will reflect in your credit report. 
Credit report errors can range from something as small as a wrong address to fraudulent activities and defaulted payments you actually made. You can, however, report such problems and have them rectified so that your credit report shows the accurate credit score/information. Mistakes such as a default payment that you actually made affect your credit score negatively so it’s important to report any problems you find on your credit file. 

You can write to the credit reference agency or use the online mechanism the agency has for reporting errors. You should make sure you give a detailed explanation as well as evidence if you have any to make sure the error or errors are corrected. 

Credit report agency responses

Credit reference agencies have 28 days to act on concerns raised on credit reports. During this period, such concerns/errors are marked as ”disputed”. This is usually the case so that lenders who come across your file can be alerted not to rely on the specific piece of information that is disputed. In case the agency fails to amend your records, you have a right to send them a notice of correction which should be added to your credit file. The notice should not exceed 200 words. It should also explain why the piece of information in question is wrong including mitigating circumstances i.e. a good reason why you missed a loan payment such as a sudden bereavement.

Is the Company Director of Swift Money Limited.
He oversees all day to day operations of the company and actively participates in providing information regarding the payday/short term loan industry.

The Fastest Way to Boost Your Credit Score: Important Steps to Follow


Trying to raise your credit score can be a painstakingly slow process. When you consider the importance of having good credit, it’s important to want to speed things up and get your credit score back on track. But how do you do it? Well, start by getting your credit report. You can get your credit report from credit reporting bureaus in the UK like CallCredit, Equifax, and Experian. Once you have your credit report, follow the steps below to boost your credit score in record time.
Start by checking for errors and disputing them

Your credit report contains important information about your credit history i.e. all your credit lines (credit accounts). Lenders usually report on every account a borrower establishes with them. They report on the type of account, loans taken and payment history. Credit reports also have information on credit inquiries and public record/collections information such as bankruptcies, suits, foreclosures, liens, judgments, wage attachments, etc. 

The main aim of getting your credit report is to see if the report has errors. Credit report errors are common. They can also be rectified when you dispute them through a credit reporting bureau. In the UK for instance, you can dispute errors through CallCredit, Experian, and Equifax. Checking for errors and challenging them can save you months of trying to boost a credit score you didn’t damage in the first place. 


After making sure your credit report is error-free, you can proceed and negotiate. When negotiating, it’s important to understand what you should and shouldn’t do. For instance, you can’t deny the fact that you stopped paying your credit card bill when you had financial difficulties last year. You can, however, request your creditor to ”erase” that debt as well as any account/s which went to collection.
You can start by writing a letter and offering to settle the remaining balance if your creditor accepts to remove the account or report it as paid. Your creditor shouldn’t have a problem doing this especially if you were a good customer. You should, however, get everything in writing before making the payment. You stand to boost your credit score faster if you negotiate first.

Open accounts strategically

Once you run out of quick interventions to get bad records ”erased”, it’s time to focus on what you can do yourself. First and foremost, you must understand that you can’t be able to boost your credit fast if you don’t take up new credit. With this in mind, your next step is opening new accounts. However, you need to do this strategically to avoid worsening your credit. Since loan applications result in inquiries on your credit report, you need to stick to financing options that cater for the needs of borrowers like yourself. If you have a bad credit score for instance, consider payday loans instead of personal loans. You can also consider credit cards for bad credit. The trick here is making sure your applications aren’t declined since this can have a negative effect on your credit score. You also want to make sure you show that you are credit worthy again and new accounts help you do this perfectly. The spending should, however, be within your limits so that you are able to repay and boost your credit score faster. 

Raise your credit limits

Once you have many credit accounts that you can manage comfortably, you can proceed and raise your credit limits. Borrowers who have higher credit limits tend to boost their credit scores faster provided they meet their repayment obligations. Remember, your credit score is a representation of your credit worthiness. If you can manage high credit limits, you are definitely more credit worthy. The idea here is raising your credit limits while keeping your spending habits the same. If you can’t do this, don’t raise your credit limits otherwise, you’ll risk damaging your credit score further. 

Pay more frequently

You should also consider paying your debts i.e. your credit card debt at least twice a month to boost your credit score faster than usual. Most debt is repaid on a once a monthly basis, so any repayments above that are considered good for your credit report. You can charge everything on your credit card to earn points, however, send payments more than once a month to keep the balance low. The idea here is to show that you are using credit and paying faster than usual. You should, however, make sure you don’t use more than 30% of your credit limit every month to ensure your credit utilization rate stays within a good range. Again, you don’t want credit bureaus to think you are using too much credit.


The above information summarises the most important steps to consider when you want to boost your credit score very fast. Once you make sure your credit report is free of errors and you have negotiated where you can, opening accounts strategically, raising your credit limits and paying more frequently will help you boost your credit score faster than you can imagine.

Is the Company Director of Swift Money Limited.
He oversees all day to day operations of the company and actively participates in providing information regarding the payday/short term loan industry.