Want a sneak peak of your credit score? The online cashback website is currently offering 100% money back on Equifax reports
Do your research before or you could end up damaging your score
New research reveals that more than half of young Brits don’t know that their credit report affects their ability to secure a mobile phone contract or buy a house.
Credit checks are a tool used by financial institutions to assess the credit worthiness of someone seeking a loan, for anything from a bank account to a mortgage.
If you want to check your score, cashback website, TopCashback, is offering Brits a free Equifax credit check and the option to earn £8.92 in the process.
Equifax. Earn £8.92 cashback on a free credit score
Experian. Earn £3.15 cashback on a free credit score and report (Offer: ongoing)
How to get your free check
To get your free credit check, register with TopCashback here. Once completed, click on one of the deals above and follow the instructions.
To avoid paying anything after you've received your free check, remember to set a calendar alert to cancel the subscription within the ‘free trial’ period.
Cashback will be paid to your TopCashback account within six weeks.
Top 7 tips to boost your credit score
Consumers can follow the below tips to ensure they’re ‘in the know’ with their credit score to avoid any surprises when it comes to applying for credit.
phone bills: Missing a phone bill payment, even once, can leave you short of credit. However, you can write to the phone company explaining the reason why and if it’s a one off, they will often wipe the record.
Register to vote. If you're not on the electoral register it's unlikely you'll be granted credit when you apply. Ensure you sign up to your local council immediately, which can easily be done via Gov.uk .
Avoid payday loans. Mortgage underwriters can reject anyone on the grounds of having a pay day loan as it gives the impression that you’re not managing your money effectively; avoid them if you can.
Cancel unused credit and store cards: If you have dormant credit and store cards it’s worth cancelling some of them as this can lower your available credit.
Build a credit history: Lenders want to see that you’re a responsible borrower. Often people who don’t have credit think they’ll have a great credit rating, but this can go down as a negative mark as there’s no history of borrowing and repaying.
Changing addresses: Ensuring you’re registered at one address with everything, from banks to direct debits, will help build your credit rating. Lenders like to see that you’ve been at a stable address for a period of time.
Ensure you do regular credit checks: Signing up to a credit report service can show if you have any negative marks against you and will often help with ironing those out before you apply for credit.