Tips to protect your credit rating
I’ve just got back from the USA where credit scoring is everything. It amazed me that most people there seem fully aware of their own credit rating - it’s a subject of everyday conversation. By contrast, many Brits don’t really have a clue if they have adverse information on their credit file and are genuinely surprised (and often indignant) when they are declined for a loan.
In an interesting article Searching Questions for Borrowers Cate Wilson of PA Features shows how even internet savvy borrowers who feel they are doing the right thing by shopping around online can be unwittingly tainting their credit profiles.
Perhaps those sites that encourage borrowers to apply online without professional advice say somewhere: “Warning: Mortgage Hunting Online Can Seriously Damage Your Credit Rating.”
