How to improve your credit rating

How to improve your credit rating

If you have had problems with your cash flow and perhaps fallen behind in some payments, it may be a good idea to learn about your credit rating.

The principal credit rating agency in Ireland is the Irish Credit Bureau (ICB).

The ICB holds all the details of loans you have made with various lending institutions and gives you a credit rating based on your repayment history.

Future lending is based (at least partially) on this report.

You can actually get a copy of your credit report for €6.00 and get any mistakes fixed.

The good news that you can improve your credit report by doing the following:

  • Making timely repayments on existing loans as this will dilute the negative effect of previous late repayments.
  • Settle with your lenders for any outstanding loans as quickly as possible.
  • Keep your level of debts to a manageable level.
  • Do not apply for too many loans (all requests will be added to your credit report).
  • Get your name on the electoral register and live at the same address for as long as possible.
  • Keep the same bank account for several years.

Keep this in mind in your are currently stuck. You can improve your situation.

There is more information at keepingyourhome.ie.

 


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