In the current economic climate, with such a strong squeeze on credit, everybody’s credit score is at risk, and even if you think you have a premium credit score, you might be in for an unpleasant shock. Therefore it very important for you to get your credit report.
Your credit report contains financial details such as mortgages, loans, mail order agreements, credit cards, banking facilities and so on, and includes your repayment history, any late payments, missed payments, defaults and so on. It also includes any details of credit or loan applications you have made, and whether any have been turned down. With this information you don’t have to wonder anymore about “what affects my credit score?”.
The implications of a bad credit report include you being refused a credit card application, a loan, a mortgage, a car loan and any other form of credit. You could even be refused a mail order agreement or even a car hire. That is not the end of it, because the same could apply to your partner and your children if they reside at the same address as you. When your kids look for a mortgage of their own before being married, or seek a loan for their first car, they could be refused because of your poor credit record. If you have bad credit, improve credit score as soon as possible.
However, a credit report may contain inaccurate or false information. Identity theft or even mistaken identity is no longer uncommon. Nor is it uncommon for office staff to make typing errors and you to have something on your credit record that never occurred. Make sure that you remove credit report errors to get the accurate credit score.