{"id":6473,"date":"2019-09-23T09:20:53","date_gmt":"2019-09-23T09:20:53","guid":{"rendered":"https:\/\/dev.withcreative.co.uk\/lforl\/?p=6473"},"modified":"2019-09-23T09:20:53","modified_gmt":"2019-09-23T09:20:53","slug":"your-credit-score-matters-heres-why","status":"publish","type":"post","link":"https:\/\/dev.withcreative.co.uk\/lforl\/your-credit-score-matters-heres-why\/","title":{"rendered":"Your credit score matters \u2013 here\u2019s why"},"content":{"rendered":"

\"\"<\/a>
\nA credit score is used to assess whether or not you will be able to repay a loan, mortgage or credit card debt. If you\u2019re not looking to buy a property, don\u2019t have a loan and you\u2019re on top of your credit or store card payments, it would be easy to think your credit score doesn\u2019t matter. But if you want to rent a property, the landlord or agent will check your credit history as part of the referencing process.<\/p>\n

The landlord is checking to see if \u2013 based on your previous approach to borrowing and repayment \u2013 he or she is likely to be paid the rent due on time and in full.\u00a0 A credit check is not an exact science because your past activities are only a guide to how you\u2019ll behave in the future. Your circumstances may have changed substantially, and may well change again, but landlords are looking to reduce their risk and your credit history provides useful information.<\/p>\n

One of the strange quirks of this system can apply if you have no credit history. If you\u2019ve never borrowed, there\u2019s no information on which the landlord can base decisions. You could be perceived as a bigger risk than someone who has a string of card debts and a loan. Evidence that you have a responsible attitude to borrowing \u2013\u00a0 making the necessary repayments when you should \u2013 can, strangely, be better than having no borrowing at all.<\/p>\n

This situation often catches out first-time tenants, but some simple steps can help you start to build some history. Firstly, make sure you\u2019re on the electoral roll. You don\u2019t need to vote, but it\u2019s one of the first things the credit referencing agencies check for. Secondly, when you fill in forms, get the detail right and consistent. You don\u2019t want to leave gaps or room for confusion. If you\u2019re splitting up with a partner and you\u2019ve always had joint accounts, get things in your own name as soon as possible.<\/p>\n

You\u2019ll have seen the TV ads suggesting you work on improving your credit score.\u00a0 Often these are from companies wanting to sell you a service, but last year\u2019s changes to data protection regulations mean that you can ask for your files to be checked without charge. The UK has 3 major credit referencing agencies \u2013 Experian, Equifax and Callcredit \u2013 all of which will give you a free credit score. If you decide to check all three, don\u2019t be surprised if you get a different answer. Different agencies use different factors and have different attitudes to risk. That\u2019s why some lenders will okay a loan that another has refused.<\/p>\n

If you do need to improve your credit score, there are lots of ways to do it. Perhaps the simplest is to set up direct debits to repay any credit or store card borrowing so that you\u2019re never late with a payment. Pay off any debts you can and cancel credit cards you don\u2019t need. You\u2019ll find lots more ideas online including more info about activities that can adversely impact your score.<\/p>\n

If you do find yourself with a tenancy application rejected, make sure you check your credit score before you make another application. Repeated applications without an improved credit score can sit on your file and prove damaging. But if you\u2019ve set your heart on the property, know you can afford the rent, be prepared to negotiate. Can you pay upfront? Can you find a guarantor? Just as there are often ways to improve a credit score, there are often ways to ensure your credit score doesn\u2019t hold you back.<\/p>\n","protected":false},"excerpt":{"rendered":"

A credit score is used to assess whether or not you will be able to repay a loan, mortgage or credit card debt. If you\u2019re not looking to buy a property, don\u2019t have a loan and you\u2019re on top of your credit or store card payments, it would be easy to think your credit score […]<\/p>\n","protected":false},"author":2,"featured_media":6474,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[63,2081,2183,21],"yoast_head":"\nYour credit score matters \u2013 here\u2019s why - Legal For Landlords<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.withcreative.co.uk\/lforl\/your-credit-score-matters-heres-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Your credit score matters \u2013 here\u2019s why - Legal For Landlords\" \/>\n<meta property=\"og:description\" content=\"A credit score is used to assess whether or not you will be able to repay a loan, mortgage or credit card debt. 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