The effect of debt on your credit rating
If you fall behind with your debt payments then it is most likely result in affecting your credit rating and credit worthiness.
Your credit rating help companies to decide the type and level of risk you are and also provide them with information on your financial viability to repay your debts or any money that you may borrow.
What is my credit score?
Your credit score is on a level of 0 -1000 with 1000 being the highest score (the best) you can obtain. The average UK credit score is around the 750 mark.
The higher your score the less of a risk you are to lenders and the more likely you are to obtain credit or to get a favourable rate of interest. You can obtain your credit history and credit score from variable web based credit agencies such as Experian and Credit Expert.
What if I have a poor or bad credit rating?
If you have a bad credit report due to debt arrears or CCJ (County Court Judgements) there are credit repair companies who can help clean up your credit history.
Best Wishes, Susan.
What are the next steps to take?
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If you require help or have any questions, you are welcome to speak to us anytime for free debt advice and assistance. Our service is free, independent and confidential.
You can speak to us today on: 0800 612 4143
All of our debt advisors are friendly and knowledgeable in all areas of debt management and prevention. They are on hand to answer any questions you may have.
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