Brits attempting to build a
credit rating may wish to ensure they complete all applications with complete accuracy and honesty.
This is the advice of price comparison site MoneySupermarket.com, which warned lenders will always be able to detect half-truths and therefore may decline the application.
It was noted it is important to say if personal circumstances have changed, for instance if redundancy or divorce have recently been faced.
Closing unused credit cards may be advisable, as the total amount of credit available is often assessed, which could be affected by the failure to do this.
Providers are also said to look favourably on anyone who completes any loan agreements in advance of an agreed repayment schedule.
Indeed, spokeswoman from Moneyfacts.co.uk Rachel Springall recently claimed another benefit of this measure is that it reduces the chance of debt spiralling out of control.
MoneySupermarket.com reassured individuals it is never too late to "clean up your act and get up to date with payments".
Posted by Gemma Walker
