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We all have a Credit File which scores our credit rating from good to bad. With a bad credit rating, obtaining finance is more difficult and more expensive.

How to Keep a Good Credit Rating.

These are some of the items on a typical file - some data in the public domain and some from loan companies. Data collected will remain on file for 6 years or more.

Credit Agreements.

Credit companies prefer to see one or two loan accounts against your name. You score higher if you open a credit account at least every three years. So regular, small, HP loans are good.

Naturally, defaults in payment count against you so regular payments by standing order is a good idea.

Electoral Roll.

It helps to be on the electoral roll. It confirms your fixed abode and how long you have lived there. Contact your local government for details.

Searches.

Credit companies view more than one or two searches within six months unfavourably and the search data is kept for one or two years depending on the credit reference agency.

Too many searches could indicate fraud or refusals, even though the data held may not actually show the success or failure of applications.

County Court Judgements (CCJ)

If a Court Judgement is served on you for debt recovery, that information is readily available and added to your file.
If you were formally financially connected to another individual, through a joint loan or mortgage, you may not even be aware of the entry on your file.
However, you will not automatically be linked with individuals with the same surname living at your address.

Further information for the UK.