home / spotlight / Why your credit rating is important

Why your credit rating is important

<< Back to spotlight

At Capquest we understand that looking after your credit rating is essential in maintaining your financial health.

In March this year the Money Advice Service, an independent body set up by the government to offer the public free and impartial advice, released research that showed that most people in the UK do not take enough interest about what their credit rating says about them.

Amazingly, the research showed that two out of three adults in the UK have not checked their credit rating in the last five years, however one in six Britons are having financial difficulties due to marks on their credit rating.

Essential for healthy finances

At Capquest we understand that looking after your credit rating is essential in maintaining your financial health.

Your credit rating is very important when it comes to getting loans, or even a mobile phone contract. It's worth checking with the credit reference agencies to make sure they have the right information and to know what your credit history says.

Lenders also use your credit report as a means of proving your identity, as well as checking your credit history.

Being vigilant

Ideally you should check your credit report annually, but there are a number of steps to continually improve your rating.

Obviously paying your bills regularly is the first step. However many people are not aware that paying just £5 more than the minimum amount required on a credit card bill will help improve their rating.

For full details on the research on credit ratings in the UK, and more advice and information on maintaining a healthy credit score, read the story in full at the Money Advice Service.

<< Back to spotlight

ways to pay

We offer a range of payment options suited to our customers' changing needs.

make payment

contact us

There are a range of ways to get in touch with us.

find out more