Experian 2016 Annual Report Download - page 25
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23
Our stories
7.8
million
telephone conversations
with people, including
educating them on
how debt affects their
credit score
3.5
million
credit reports
produced
every day
• Pay your bills on time, every time –
overdue payments have a major negative
impact on your application for credit.
• Keep your credit card balances low –
high outstanding debt can affect your
credit application.
• Register to vote at your current address
– this makes it easier for lenders to
confirm your identity.
• Be selective when applying for new
credit – a lot of applications for credit
in a short space of time may suggest
to lenders that you are over-reliant
on credit.
• If you want to make a big purchase,
review your credit report at least three
months in advance – to help reduce any
surprises when you apply for credit.
Here are some things you can do to help take
control of your credit:
Empowering you to take
control of your credit
Unlocking the potential of data…
for consumers
When you want to obtain credit, whether it’s for a mobile phone, car or a house,
it’s important to check your credit report before you make any application.
Why? Because lenders look at how you have managed your finances in the past
before deciding to lend to you. They look at the information on your credit report,
which includes what type of credit you use and your history of repaying it, along
with information provided in the application form, your past transactions with
them and their lending policy, to help them calculate a credit score. This score
helps them assess whether a credit product is suitable for you and whether you
can afford to repay it.
So the more you learn and understand about credit, then the more power you
have to better manage it, be in line to get better credit deals and achieve your
financial goals.
And if your credit report isn’t that great right now? Be patient. Taking control
of your credit history takes time. It will be worth it.
•Strategic report Our stories