Have You Checked Your Credit History?
As the UK economy continues to flounder there are growing concerns that errors and omissions in the area of personal credit ratings may be causing major problems with the approval of loans, credit cards and mortgages. While the UK has one of the better credit ratings industries in the world it is not fool proof and problems do occur.
Those who use the internet will no doubt have come across the opportunity to check their credit score for the cost of a couple of pounds, but how many have actually taken up this option?
Research by consumer groups shows that many people believe these systems are fool proof and as a consequence many have never even seen sight of their credit report and credit score. In countries such as the US there is a written law which states that each and every member of the population has the right to check their credit report each year for no charge. As a consequence it seems that errors in the US are more quickly rectified than those in the UK.
If you are having trouble with finance and cannot understand why then maybe it is time to check out how your credit worthiness is rated and what this is based upon. Errors can be corrected but only if the agencies are made aware of them.
Share this..
Related stories
Nationwide warns of property market complacency
Despite the fact that the Nationwide property survey shows that house prices in the UK have risen for the eighth consecutive month, the building society is still concerned about the immediate outlook for the market. House prices rose by 0.4% in December, which contributed to a rise of 6% over the last 12 months, with the average house price in the UK now valued at just over £162,000. While the ma...
Read MoreLloyds Bank looks to renegotiate bailout terms
As the government bask in the glory of their much praised UK bailout it appears that the risk of the deal unravelling has increased dramatically overnight. News has hit the wires that not only does Lloyds Bank want to continue to pay dividends while the government is a shareholder but it wants to renegotiate the terms of the whole bailout package and the payment terms for the £17 billion on offe...
Read MoreAlistair Darling has a £5 billion budget windfall
It has been revealed that the UK government borrowed £5 billion less in February than had been forecast which should in a perfect world reduce the estimated budget deficit for the current tax year from £178 billion to £173 billion. Whether this pans out perfectly for the UK government remains to be seen but it looks as though Alistair Darling will have a £5 billion windfall to fund potential g...
Read MoreShould we be concerned about the economic downturn in Ireland?
Yesterday's news that the Irish economy, measured by gross domestic product, fell by 1.2% in the second quarter of 2010 shocked many investors. Even though it was common knowledge that the Irish economy was struggling, due to the property sector and financial sector crashes, nobody quite expected a return to a shrinking economy so soon. So should we be concerned about the economic future of Irelan...
Read MoreCould The Credit Crunch Happen Again?
As the havoc which the US based credit crunch has caused is laid bear for all to see many people are starting to ask if the same situation could happen again? Or have we learnt our lesson?
The truthful answer is that a similar credit crunch could happen again in the future if and when financial institutions attempt to squeeze every dollar out of the market. The blame cannot be lai...