In January 2004, the Secretary of State for Business, Innovation and Skills issued a paper on credit repair, entitled How To Do A Credit Repair in the UK
The paper was called Principles of a Credit Repair – A Study in caution, as the majority of issues were concerned with the UK’s role in credit repair and not in credit reform.
The consultation that followed showed that the UK was clearly making progress towards cleaning up our financial system and driving economic growth – but fixing credit is only possible if everyone takes important decisions and takes time to shop around for the best deal possible for their benefit.
Most of us would like to see banking complacent while others feel confident in the work they are doing and have the resources and experience to ensure that the system is reformed.
In order to do this, we need to change attitudes and tactics and change behaviour so that we have a fair deal to strive for ” cleanliness and that we can achieve to our financial lives.
For example, it is time to accept that not all credit repair is easy, and that the best way to restore your credit to full health is to seek out credit advice first.
Take some time to shop around. If you find that there are companies that will provide you with a good deal on your first visit to the market, or that you can get a low interest rate on your first loan deal, then you can take the time and put yourself in a position where you have something to prove and you want to get a better rate.
But there is also one thing to think about very strongly, and that is a credit card. This tool of credit repair is one of the most important tools in restoring your credit to a good standing.
Credit is something that we have all had to endure. It is something that was only possible by a little plastic technique that everyone has worked on. Credit cards only take the power to give you, your money and your life with the power to charge you anything – even money that you don’t really need.
It will take a fair shake up in your personal financial habits though, and eventually, you may need some credit repair. There definitely is nothing, or a magic number, that you can simply knock on your door and knock and knock and knock.
Instead, you need to set these phone calls aside for negotiation or some other way of getting some credit repaired. It will take some searching and effort, so you may decide that you want to repair your credit card or your credit history, but you just feel that it is not worth getting anything done.
There are a number of good websites that offer to go through all of the credit repair you can get done in no charge.
Here is a summary of things that you should look for:
– A credit report with any changes to it (not just the original credit report)
– Any changes to the way you use your credit
– A report on any possible credit suitability (e.g. new loans, etc.)
– A list of all your existing cards
– A list of all your existing balances
– A complete list of all your accounts
If you find any mistakes or discrepancies then immediately contact the lender or one of the credit report agencies and inform them of the problem.
You may also go into a specialist office to investigate but you need to be prepared not to return items until you have cleaned up the mess on your financial report. The first thing you need to do is get the report up and running.
Once you have a credit report up and running, the next thing to do is to make sure that it is clean. Find out all of the companies with whom you are attached and copy up all addresses. You need to make sure that your information is genuine as possible because it will take some effort and searching.
After you have collected all the relevant information, you can now send it off for the next step. If you do not catch any error on your credit report, then get it checked out by a credit reference agency. A good credit reference agency that you have got, is one that is impartial and freely gives you information on sites that can be found anywhere. In any event, you will still need to provide the credit reference agency with your name, address, the date you got the report up, the company and any further details you may need to include.
A good place in which to add on new items is to write to the credit reference agency and request a copy of the report. You may also apply for a copy of your existing cards if the lenders have asked for one.