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The following article was published in our article directory on December 12, 2011.
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Credit File | A Perfect Help Guide your Credit Profile

Article Category: Advice

Author Name: Mark Aucamp

Being familiar with Your Credit File

Here are a few money tips that suggest your credit file rating could suffer as a result if you not realise what credit file terms are all about. It can be hard to navigate the credit minefield, which is littered with technical credit file terms and governed by rules that many of us do not understand. This credit File guide is intended as a route planner that can take you from A to Z.

The Top Guide to Understanding Your Credit File

A is for APR
This represents annual percentage rate and is the true cost of a deal, including charges and fees as well as interest, over a year. As it includes everything you pay, it can be higher than the interest-only rate. Adverts can cite the 'typical' APR, which is what at least two thirds of successful applicants will pay - you may be given an offer of more or less than this figure, determined by your credit file status.

B is for bankruptcy
Even though you believe that there's no way out of your debts, this should be a last resort. It can help you get out of debts and you can officially be discharged in as little as a year but it is recorded on your credit file. Your credit rating history will record your bankruptcy for six years irrespective of when you were discharged.A bankcrupt will find it difficult to borrow in the future. Exactly the same applies to anyone who has an IVA or the new Debt Relief Orders (DROs).

C is for Credit File
This is the personal history of your credit accounts, from loans and cards to mobile contracts and catalogues, as well as your repayment record and other information that assists lenders to decide whether you can comfortably afford to make your repayments. It should be up to date and accurately reflect your circumstances or you could miss out on the deals you want. A perfect credit file report is one where there are no missed payments and all payments have been made promptly.

D is for debt Management Plan
A debt management plan is a informal agreement between a debtor and their creditors. A Debt Management plan aims to reduce your outstanding unsecured debts with a reduced monthly payment for a fixed time period to assist the debtor to hopefully regain control of their finances. When someone finds themselves in a debt management plan they normally have a bad credit file which could last for many years during and after the plan has finished.

D is also for debt. The credit crunch, recession and low interest rates have encouraged many of us to focus on repaying our debts but it's better to ensure that you don't borrow too much in the first place. Before you apply for yet another credit deal, take a look at your credit file report. It will give you a snapshot of your financial position and how well you're managing.

E is for early repayment charge
This is simply one of the fees that may be lurking in a credit agreement - a penalty if you repay the full amount before the date its due. Look out also for arrangement fees and late payment fees when you're assessing possible credit deals.

F is for financial associate
In case you have a joint credit account, such as a card or mortgage, the person you share it with is your financial associate and will be listed in your credit file. Lenders will check the other person's credit file report as well as your own, as their circumstances could affect your ability to make repayments. In the event you separate, you should remember to close any joint accounts and reapportion the debt, or you could be penalised if your ex-partner has money problems.

G is for guarantor
A guarantor guarantees repayments but isn't the borrower. Say you're a parent acting as guarantor for a student who needs a loan - if your offspring misses payments; you will be responsible for the repayments, interest and any penalty charges.

H is for hire purchase
It is making a comeback after years when it was displaced by spending on interest-free credit card deals. Essentially, you pay for an item such as a car or washing machine in fixed instalments. The seller or lender might take the item back if you default on repayments and it is illegal for you to sell it on - you only own the item when you've made the final payment.

I is for Individual Voluntary Arrangement which is often referred to as an IVA
An IVA is a contractual agreement between a debtor and their creditors. It takes place when a debtor is unable to pay their priority creditors the money that they owe. An IVA is administered by a Insolvency practitioner and is governed by the Insolvency Act 1986.

I is also for interest. Lenders cover their costs and make a profit by charging a percentage of the loan, card spending, mortgage or other form of credit - this is interest. By way of example, annual interest of 15 per cent means that £15 is charged or paid for every £100 borrowed for a year. Also, interest is calculated and added to what you owe far more frequently - daily, weekly or monthly, for example. This is why the APR is so important - it's the only way most of us can easily see what we'll actually end up paying.

J is for judgment
If you fail to keep up your monthly repayments, you can be taken to court and a judgment against you may be issued. For example, you may be told to pay what you owe or bailiffs may be sent in. If you pay the debt inside a month of the judgment, it can be cancelled. Should you pay after then, it will appear on your credit file for at least six years. It will lower your credit file rating and it will be tougher for you to borrow although the entry should be marked as Satisfied if you pay off the debt.

K is for knowing how lenders make decisions dependant on your credit file
Lenders look for two main factors when they assess the risk that you won't repay them: a brief history that suggests you're a reliable borrower who makes payments on time and in full and evidence that you can afford those repayments. Your credit file contains your track record and shows how much credit you already have. Your application form includes data such as what you earn and how many dependents you have. Each item is allocated a value and the total is your credit score - known as your credit rating. The higher your score, the more likely you are to qualify for the deals you want.

L is for loan shark who is not interested in your credit file
An unlicensed money-lender, often charging huge interest rates and employing forceful collection methods. They are best avoided.

M is for myths
Irrespective of popular myths, your address, gender, race and religion have no influence on whether or not you get credit - and credit blacklists don't exist. Credit reference agencies don't make any decisions about who gets a yes or a no. And you can check your own credit file report as often as you like with no damage to your credit status. M is also for Money Saving Expert who can provide you with information to protect your credit file based on their experience and financial knowledge.

N is for new accounts
Occasionally it seems sensible to open a series of new credit accounts in a short time - when you're furnishing a new home and taking advantage of interest free deals, for example. But if you've opened several accounts within a few months, lenders may be unwilling to give you more credit, when you overstretch yourself.

O is for overdraft
Any time you take out credit, you get access to money, goods or services now and pay for them later - that makes an overdraft a form of credit. As such, your bank will want to see that you have regular income and a good financial record before granting you an authorised overdraft. This will charge less interest than an unauthorised overdraft, where you've gone into the red without permission.

P is for price comparison sites
These have revolutionised the procedure of tracking down the most appropriate credit, which makes it easy to see what credit deals you might qualify for and what they'll cost. It's important to input accurate and up-to-date information, though, or you'll be shown offerings you may not get. By using LowerMyBills from Credit Expert, you can save money and strengthen your chances of getting credit as it takes information from your credit file to match you to the credit cards, loans, mortgages that you're more likely to be accepted for.

Q is for quotation search
Any time you make an application, lenders search your credit report, leaving a record known as a footprint. If other lenders see a lot of these in a short period, they could suspect that you're desperate or that somebody is planning a fraud. If all you want is information, always ask for a quotation search, which won't be seen by other lenders. If you spot any footprints on your credit file that aren't the result of a full application but are recorded as such, ask for them to be changed or for a note of explanation to be added.

R is for registering to vote
Lenders utilize the electoral roll as a precaution against fraud, to check that you live where you say you do. If you're not registered or are down at an old address, they can ask for further evidence of residence or even turn you down. Ask your local council about registering or look at aboutmyvote.co.uk.

S is for score
Lenders calculate a credit score when you apply for a credit card, loan or mortgage so the higher your score, the better your chance of getting the best deal. You don't have a single credit score because every lender uses a unique calculation - some even use different formulae for many different products, such as a loan and a card. And it isn't fixed forever. You can improve it by taking active control of your credit history - for example, ensuring you don't skip repayments, closing unused accounts and registering to vote. It's also essential to apply for the correct product for you, to reduce the chances of being refused for credit. LowerMyBills from CreditExpert helps you do this.

T is for terms and conditions
These will be the rules that govern a financial agreement - for instance, the amount you must repay and when.

U is for unsecured loan
A secured loan is one where you've been lent money using some form of property or asset, such as a house or car, as security. The lender can repossess the item the loan is secured on if you fail to make repayments. With an unsecured loan, such as a credit card, the lender does not know that it can ultimately get its money back. The risk is higher, so interest rates are typically higher too.

V is for veracity
Put simply, always tell the truth to lenders. It's fraud if you lie and you'll, inevitably, be found out, which could trigger legal action and will make it difficult for you to borrow in future. Lenders will look at your credit file when you apply for a mortgage, loan or credit card, so make sure you check it before you decide to apply to ensure it's accurate.

W is for wishful thinking
Its smart to select the credit that suits your needs, instead of giving in to wishful thinking. You might like a £100,000 mortgage but you're unlikely to get it unless you have a substantial deposit, a good salary and an excellent credit file report. It's easier to save and work towards your ambitions, taking on smaller credit accounts while you build a good track record. Regular checks on your credit file will give you a overview of what you owe and how well you're coping.

X is for eXtravagance
We're all guilty of extravagance every once in awhile but if you're always overspending, you'll end up in debt and unable to reach your financial goals. Faced with contemplating a new card or loan to pay other debts, you need help. For free debt management advice, try Citizens Advice at, National Debt Line or the Consumer Credit Counseling Service .

Y is for Yes!
Lending may never get back the way it was at the height of the credit boom but things are easing for the people who've got an excellent credit history. Be sure to check your credit file every time you're contemplating making an application. If you discover any items you don't recognise or disagree with, challenge them with the relevant lender - it could make the difference between a "Yes" and a "No".

Zzzzz is for the small print
Perhaps it will make you feel like nodding off but don't give in to temptation - read the fine print thoroughly. You need to know exactly what you're getting into, what rights you have and what a lender can do if you break the agreement.

Credit File Conclusion
Finally, if you're not sure then always seek financial advice and stay away from being drawn into a consolidating debts as it will turn an unsecured debt into a secured debt and you could risk losing your home if you are unable to keep up the payments. Keep on top of your credit file - Ensure that it stays clean and you will always be able to get credit anytime and anywhere.

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