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FAQs

  • What is credit management? +

    Credit management is the way you manage the money that you borrow from creditors; for example banks, store cards, mobile phone contracts and hire purchases.

    This information is held by credit reference agencies and makes up your credit profile.

    By monitoring your credit profile, you can also take action to improve it or correct information that's wrong.

  • Why is credit management important?+

    Your credit profile is one of the things that lenders look at when deciding whether they will offer you credit. It can also affect the rate of interest they will charge.

    By managing your credit profile you can ensure that you are seen in the best possible light by lenders when they decide whether to lend to you, and check that all the information shown is correct.

  • What is my credit report?+

    Your credit report is a summary of your financial background and status and gives an overview of your credit profile, including your credit score and rating. It's often used by lenders, such as mortgage and credit card providers, to help them make decisions on whether to lend to you or not.

    Your credit report contains the following information:
    - Credit score and credit rating
    - Any loans, credit cards, credit agreements or mortgage that are in your name
    - Payment history - including late and missed payments
    - Any outstanding credit balances
    - Credit searches run on your background
    - Publicly available information which could affect your creditworthiness (e.g.County Court Judgements, bankruptcies or insolvencies)
    - Electoral Roll details
    - Address links and financial connections, e.g. joint accounts
    - CIFAS Protective Registration

    It helps you to see what might be impacting on your creditworthiness, i.e. how trustworthy are you likely to be when it comes to making credit repayments, and allows you to check that the information provided about you is correct.

    Otherwise, incorrect or outdated information could impact your ability to get credit, which can result in you being turned down for a loan or being charged a higher level of interest.

  • Where do you get the information that's on my credit report?+

    Your MyCreditMonitor credit report is generated with the information provided by CallCredit, a Credit Reference Agency in the UK.

  • How quickly can I see my first credit report?+

    As long as the Credit Reference Agency has been able to confirm your details, you can expect to view your credit report as soon as you log in.

  • How do I see my credit report? +

    As long as the Credit Reference Agency has been able to confirm your details, you can view your credit report as soon as you log in. You can then view it online as often as you'd like!

  • What is a credit score? +

    Your credit score is a 3-digit number that ranges between 0 and 999 and represents how trustworthy you are likely to be when it comes to repaying any credit that you access. You will find your credit score on your credit report.

    The higher your score, the easier you should find it to borrow money or buy goods on credit.

    A high score also means you're more likely to be able to get better loan deals that can come with lower rates of interest.

  • I have savings in the bank and no debt, but I don't have an excellent credit score. Why is this? +

    Your score is a reflection of your credit history. It might be that you haven't used any credit for a while, so there won't be any information to show that you have a good history of paying off credit; this is one of the main factors lenders use to calculate your credit score.

    Assets, such as your savings, do not have an impact on your credit score.

    In fact, the Data Protection Act does not give permission to Credit Reference Agencies to hold information on your savings.

  • Why is my credit score lower than I expected?+

    There could be various reasons why your credit score is lower than you thought it would be, including:

    - A credit history of less than 6 years, which is the period used to calculate your credit score. The shorter your credit history, the less information a lender has to calculate your credit score with.
    - Any missed payments over the last 6 years.
    - Holding very few credit accounts, as less credit history is available.
    - Any County Court Judgements or record of bankruptcy or insolvency.
    - Having a lot of unused credit available, which could lead to a large debt if you used it all at once.
    - Being very close to the credit limit on your accounts - in case you find it difficult to make payments.
    - Not being on the Electoral Roll, only being on it for a short period of time, or not updating any changes, can also have a negative impact.

  • I have a good credit rating but have been turned down for credit. Why is this? +

    It could be for a number of reasons, as every lender is different. The best thing to do is to contact the lender directly and ask why they have declined you.

  • I have a credit card that I just keep for emergencies, does this impact my credit score? +

    If you have more than one credit account open, but not used, then this may affect your credit score.

    It may indicate to a lender that you might use all the credit available to you at once, thereby getting into more debt than you can manage.

  • I've noticed something wrong on my credit report. Can you help me?+

    Of course!

    As a member of MyCreditMonitor, you have full access to a dispute service which will help to correct anything you think could be wrong on your credit profile.

    We can't make the changes ourselves, because your credit report is made up from information that Callcredit (the Credit Reference Agency) hold about you.

    But we can help you through the steps you might need to take to put things right. If you have found something that's wrong on your credit report call us on 0344 381 4163.

  • If I have missed a payment or made a late payment, will this show on my credit report? +

    Yes it will, if it was within the last six years. This is because your credit profile includes six years' worth of payment history. Late payments will have a negative impact on your credit score.

  • How long is information held on my credit report?+

    Lenders usually look at the last six years of your credit history. You can see this too when you look at your credit report online.

  • How can I improve my credit score and rating?+

    There are lots of things which can help to improve your credit score, including:

    - Checking your credit report to make sure that all the details are correct.
    - Making sure you make payments on any outstanding credit accounts on time.
    - If you are having difficulty making your payments, contact your credit provider to see if you can agree a payment holiday, or reduce your regular payments to an amount you can afford.
    - Consider setting up regular automated payments rather than relying on manual payments.
    - If you have a lot of old, un-used credit accounts, consider closing them down.
    - If you are close to your credit limit on one account or more, try and reduce your balance.
    - Check that your details are up to date on the Electoral roll.

  • What is a good credit score?+

    You need a good credit score to be able to access credit at a reasonable interest rate and to have the financial flexibility to realise your long term goals such as getting a mortgage or a loan.

    This is because credit scores are a reflection of the level of risk involved in lending you money.

    A high credit score - typically anything from 635 to 999 - suggests that you are a low risk for failing to make payments, while a lower credit score - typically anything from 0 to 634 - can indicate to lenders that you carry more of a higher financial risk.

  • What is a credit rating?+

    Your credit rating will be from 1 to 5 stars. It's based on how you compare to the rest of people who also use credit in the UK.

    People with the top 20% of credit scores in the UK will get a 5 star rating, with the rest of the ratings based on segments broken down by a further 20% each time.

    So, a 1 star rating will be given to people who have the bottom 20% of UK credit scores.

  • How do I pay for MyCreditMonitor? +

    Payments are taken monthly, from the account you chose when you set up your membership. If you'd like to check or change your payment details, please call us on 0344 381 4163.

  • How do I make a complaint?+

    We are sorry if you feel the need to complain. We want to hear from you because telling us gives us the chance to put matters right for you, and see how we can improve what we do for others.

    Please contact MyCreditMonitor on: 0344 381 4165
    Email us at enquiries@mycreditmonitor.co.uk
    or write to us at the following address quoting your MyCreditMonitor membership number:
    Customer Services Manager
    MyCreditMonitor
    Sentinel House
    Airspeed Road
    Portsmouth
    Hampshire
    PO3 5RF

    If you remain unhappy
    If we have not resolved your complaint to your satisfaction within eight weeks from when you first contacted us you may refer your complaint to the Financial Ombudsman Service for an independent review. The Financial Ombudsman is an independent public body which aims to resolve disputes between consumers and businesses. The contact details are:
    Telephone: 0800 023 4567 or 0300 123 9123
    Email: complaint.info@financial-ombudsman.org.uk
    The Financial Ombudsman Service
    Exchange Tower
    London
    E14 9SR

    Using our complaints procedure or referral to the Financial Ombudsman Service does not affect your legal rights.
    The EC Online Dispute Resolution Platform
    You have the option to register your complaint using the European Commission Online Dispute Resolution (ODR) Platform. This is a web-based platform that is designed to help consumers who have bought goods or services online to deal with issues arising from that purchase. Complaints submitted to the platform will be dealt with by approved ADR providers. You can access the platform at the following website address: http://ec.europa.eu/consumers/odr/

  • Does checking my own credit report affect my credit score? +

    No, checking your own credit report does not impact your credit score.

  • How do I cancel my MyCreditMonitor membership?+

    Please call us on 0344 381 4163 to cancel your membership. Lines are open from 8am - 8pm Monday to Friday and 9am - 5pm on Saturdays, we are closed on Sundays and Bank Holidays.

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