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Are you hiding from the postman? How to improve credit rating

Tamara Forrest-Smith

5 Reasons you should sign up for credit rating agencies…

Late payments, CCJs, red letters, and final demands, we’ve all had them and quite frankly it is a pain to have unpaid bills in salon business, especially if you need anything that is subject to credit checks…   raising new finance for business, or renting new property for salon… however (unless you are the one with clean credit record – in which case congratulations for becoming money smart), it’s not all bad and even if you are still afraid of the postman, you can still take control over your credit history and watch it improve right in front of your eyes, here’s how.

1. First things first, know where you stand financially. Having a clarity is the first step towards improving your financial health. Sign up for at least one of the leading credit rating agencies, such as  it will show you exactly how bad, or good your finances are and what you need in order to sort bad credit.

2. Make sure your credit report is accurate and up-to-date – if you disagree there is a way to resolve your concerns. Most credit rating agencies even provide pre-written letters for you to send out to relevant lenders or court, and if you live outside UK simply Google online equivalent agencies in your country.

3. Make sure to register to vote at your current address. Strange it may sounds, but not having your name registered is a negative factor for your name.

4. Slow down – Don’t make too many applications for credit. If you keep on asking, “lenders may think that you are desperate for money or take it as an indication of identity theft, this can affect your chances of improving your credit score”

Having an account with credit rating agencies will show your chances of getting credit and which lenders will consider to lend. That way you will not make a credit application you know you can’t get. And if your financial situation is not at its best at the moment, it’s probably batter NOT to borrow, it’s OK, better wait to first get your finances back on track and then apply for finances if your business really needs it. Remember, you will always win when you invest in inspiring projects instead of desperation.

5. Keep tracking how your credit rating changes every month, you will be amazed how fast scores can go up and down, which will help you monitor things you must prioritise in order to get your finances, and credit rating back on track.

It is not unusual to go from very poor to fair and good rating within 3 to 6 months. More information can be found on credit rating websites in the UK, go check them out yourself and

Happy finances, and don;t forget to staaay funky 🙂

Tamara Machavariani

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