5 Ways to Protect Your Credit Score

5 Ways to Protect Your Credit Score

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Rates from 49.9% APR to max 1333% APR. Minimum Loan Length is 1 month. Maximum Loan Length is 36 months. Representative Example: ?250 borrowed for 30 days. Total amount repayable is ?. Interest charged is ?, annual interest rate of 292% (fixed). Representative % APR (variable).

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Why do Banks Conduct Credit Checks?

Credit scoring carries on whether you like it or not. Several credit reference agencies, including familiar companies such as Equifax and Experian, compile financial information about UK consumers. Beginning with your earliest credit relationships, the agencies keep track of your credit usage and payment history. The data ultimately contributes to your credit rating, which is typically expressed as a three-digit “score.”

Traditional lenders rely upon credit scoring when reviewing loan applicants; strict credit standards are applied. Exacting credit requirements help lenders reduce risk, allowing them to lend money to applicants most likely to follow through with repayment. Pokračovat ve čtení „5 Ways to Protect Your Credit Score“