Credit Ratings
Every adult in the country that has a bank account, who has taken out a loan, who owns a credit card, who pays a bill or who has a mortgage will have a credit file that contains financial information about them. This credit file stores the credit history of what credit transactions have been made to and by that person.
Credit files are maintained by Equifax, Experian and several other credit scoring agencies. These credit companies keep a history of what credit you have taken out and how good you are at paying off that credit. If you pay all your credit payments (all your bills) on time and by the due date and have not moved recently then the chances are that you have a good credit rating. Whereas, if you have recently moved home, or you have missed or defaulted on some credit payments, then it is probable that you do not have a good credit rating.
You will usually be banded into having a good credit rating, a fair credit rating or a poor credit rating.
Please select the relevant ‘Tab’ which you think you belong to, and look at the credit factors below and this will help you assess what credit score banding that you probably have.
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Good Credit Score / Credit History
You are employed in the same job with the same employer for a reasonable amount of time
You have never missed a payment (such as a utility bill or a credit card payment)
You have plenty of credit history
You may have changed addresses a few times in the last few years
You may be in the younger age group
You have frequently applied for credit
You may have missed some payments or have been late making payment
You will have missed payments
You have mortgage or credit defaults and/or CCJ (County court judgments)
You are in bankruptcy or in IVA
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