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The finance market in the United Kingdom is always active to provide loans to the people and people in great number search for securing loans. People require loans as they have limited income and because of this financial constraint many of them cannot repay the loans in time and create undesirable problems. They are forced to default or pay late. Gradually arrears, CCJs, IVAs, bankruptcies etc take their credit score to lower than 600 as per FICO.
In this position they find it difficult to secure loans in a couple of ways. Initially they mortgage their property of worth to get secured loans but within a short time they are compelled to opt for unsecured loans. The lending agencies hesitate to advance loans to the borrowers who have been tagged with history of bad credit. The lenders do not want to take greater risks but they do not refuse these borrowers finally. They put pressure on them making the terms and conditions stricter. The borrowers are paid less amount of loans and they are asked to repay the money in shorter tenure and interest is charged at higher rate.
Hence the borrowers should try to improve credit score and it is possible.
The borrowers must review their credit score at least twice in a year and they must check the status before submission of the application forms. They must review their credit scores six months before trying to get next loans. In this way they find time to improve their credit position.
Creditors learn all about the borrowers status from their credit report. They learn if a borrower who has applied for fresh loans has defaulted or paid less or paid late in case of earlier loans. But sometimes one may note errors in the credit report. This really happens although this is not normal. At this stage the borrower should meet the officials in the credit bureau and show them the errors and ask them to rectify. The corrected credit report may favor him/her.
Another way to improve credit score is to take steps to begin payment immediately. Within a few months there will be improvement in the credit report. People may plan for consolidation finance and start afresh so that history of stained credit cannot follow them any more.
People may have problems with their credit cards. It may happen that they have reached to the maximum limit. This affects adversely in getting loans at favorable terms. The borrowers should begin payment on their credit cards and stop using them. If the balance drops the credit score improves. They can arrange not to use the credit cards for the same purpose.
It is important to improve credit score any way.
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