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Scores on the doors: consumers battle to improve their credit ratings in recessionary britain
In recessionary Britain, more consumers than ever are trying to better their credit ratings in the hope of getting accepted when they try to go through credit card applications.
Some financial gurus have been commenting on the best ways to do this and of the best services to try from companies which are dedicated to checking credit.
One of the key pieces of advice that some people have been given is to explain themselves if any information that is seen in their applications is likely to be perceived as suspicious by a lender.
Unknown to many consumers, credit-checking agencies recommend that consumers suggest that brief statements called notices of correction are added to credit files in these situations. It is recommended that consumers do not add too many as it can deter lenders, but otherwise it can help some consumers with bad credit negotiate around some questionable circumstances.
Some people battle with the difficulties of how to handle missed payments. For those with bad credit, further missed payments can have a detrimental effect on a consumer's credit rating. In turn, this can defer lenders from taking on their business.
It has been urged that consumers do not close an account immediately if they have a missed payment darken their door. According to financiers, this can result in the missed payment acting as a dark cloud over the consumer's credit rating for six years. If consumers keep accounts active for three years after the delinquency occurs, it is understood that the blip in the consumer's records will simply drop off the file.
There have been fears that some people have simply been getting the wrong end of the stick when it comes to getting a good credit score in the eyes of lenders.
This comes after some people adopted the philosophy that if they do not borrow, they will be seen by lenders as an ideal consumer to take on as a borrower.
Not so according to one money-saving expert, who says that they are looking for as much profit as possible and hence are looking for the people who are quite active when it comes to using credit cards, as lenders are always out to make money.
However, they are only the beginning of the problems some consumers can face when they are negotiating their way through the minefield that is obtaining good credit. As financial delinquencies are on the rise, more consumers are having their credit rating affected than ever before because of their partner's credit history.
It has always been advised that the financial situation of a partner is reviewed before a consumer considers setting up any joint credit agreements, as it can drag the other person down.
If a previous financial agreement remains on the account, consumers currently have the possibility to request that the friend or partner is removed from the credit file to ensure that the consumer's reputation is not impinged in any way in future. In these recessionary times, the last thing that is needed is for a bad credit score to drag you down.