How to maintain a healthy credit score during a recession (or any time)

Among the things hit hard during a recession can be our business, our pockets and our credit score.

I want to focus specifically on the credit score. Any negative impact on your credit score will affect your ability to borrow in the future. Therefore maintaining a healthy as possible credit score is paramount in all situations and circumstances.

If you do the following you could boost your credit rating by up to 200 points.

Analyse your credit file

You should download your credit files every three years and comparing it to the previous three years. If you’ve never done this before, the best time to start would be now. All you need to do is run through each entry carefully and remove all the blemishes, that is, the things that should not be there. Examples of this could be things you have already paid off or a debt that is actually someone else’s who is living or has lived at the same address as you.

Write to your credit reference agency

If you find that there are incorrect entries on your credit file, you need to let the credit reference agency know. Ask them to correct the entry or remove it entirely if it false. It goes without saying that the credit reference agency will need evidence to prove your claim.

Be patient

It’s annoying and frustrating to be penalised for payments that you didn’t miss or aren’t even yours. Credit corrections can take up to four months to correct, from the date you first communicate with the credit reference agency.

Questions?

If you’re unsure or have any questions about the process, please feel free to call me on 0330 236 9930, 0330 236 9938 or 07961 116321. All conversations will be in strict confidence. You can also email me vee@navigatebr.com.

I can also manage the entire credit correction process for you. Visit: https://www.navigatebr.com/personal-credit-correction/