Our credit score can affect us in a whole host of ways and it is recommended to keep an eye on it. Thankfully, Adaptive Affinity has a membership program whereby this rating can constantly be monitored.
When you apply for a mortgage, a new phone contract or try to obtain a new credit card, your credit score will usually be assessed.
The score you have is a measure of how creditworthy you are. Your credit score is a way for banks and other companies to predict your behaviour and determine how successful you are at shifting and paying back debt. If you are good and never incur fees for example, you may be unattractive to certain credit card companies because you may not make them any money.
The important thing to remember is that there is no universal credit score to work from. Each bank and company will have its own way of assessing whether they deem you worthy of their card, phone or whatever the service may be. They will have access to details about your credit cards, any accounts that you have, whether you have any other debts, any loans that you have taken out and whether you are registered on the electoral role.
All these factors will help determine your credit score; generally the higher the score the better. Every time something changes regarding these details, there will probably be a knock-on effect on the credit score. It may be that you have finished repaying off a loan, or that you want to close one account and open a different one instead. Membership programs, like Credit Score Matters, allow you as a customer to keep tabs on the constant fluxes in your score. It is your score after all, so you should be able to access the details whenever you want.
For lots of people, knowing and understanding their credit score only occurs when they next apply for a new credit card. They may get rejected and wonder why the rejection has happened. It could be a simple detail that is easily changed, but they were never aware of. If a person is able to monitor this information on a regular basis then it eliminates any element of surprise.
The information for Credit Score Matters is supplied by Callcredit; it provides information into how potential lenders view you as a customer. Each member of the program has unlimited access to their credit score information, and the information changes periodically based on any changes in their financial activity.
The importance of a good credit score cannot be underestimated and it is therefore vital that as a customer, you stay on top of your score and what it can enable you to do.
Adaptive Affinity are aware that a good credit score could get you lower insurance premiums on things such as home or car insurance. There is also the opportunity that deposits for particular products may be waivered completely because your score dictates you reliability in paying back credit. Phone companies will often check your credit score, and based on the relevant information you may be able to get a better contract or better services if your score is a good one.
There is also the possibility that prospective landlords, and even employers, will want to check your credit score before you work, or rent, from them. Essentially, the system works a bit like a personality test and how much importance you place on financial repayments. The more attractive you make it, the greater opportunities available to you.
Another important issue to consider is that of identity fraud. There are criminals who try to obtain your personal details, in doing so enabling them to try to access credit under your name or commit some type of credit fraud. If anything like this were to happen, the changes in activity would appear on your credit score. Thus having the ability to access the information and see anything suspicious at any time makes the membership an added piece of security for your peace of mind.
This security can go further if you wish, with security updates. Adaptive Affinity ensures that Credit Score Matters notify you with alerts if they suspect anything suspicious themselves. It is important to stress that this sort of system can never totally eradicate the threat of identity fraud, but if it does happen, it can ensure that it is dealt with as swiftly as possible, and as a result, keep any damages to an absolute minimum.
In essence, it is worth keeping your credit score as high as possible and ensuring that there are more options available to you at all times. Things such as paying back fines and repayments punctually will keep your score high. This can be anything from a parking ticket to a library fine; the history of your payment obligations can sometimes account for up to a third of your credit score.
The reverse of this is obviously the failure to pay back money owing. If a person misses payments on a loan they have taken out, or has credit defaults, these will appear on their credit score. While we said that there is no definitive score, there are factors that most banks and companies will generally apply when compiling a customer’s information.
Since the credit crunch, it has become harder to obtain credit. Whether you are an already valued customer looking to change your current situation, or a new customer trying to obtain credit, it has become more difficult regardless. Lenders will now scrutinise details more than previously, and as a result, it is more important than ever to be fully aware and in control of your own credit score.
Being part of a rewards program, such as Credit Score Matters, helps give a customer that awareness and control that is now needed so much more. We are able to look at our bank accounts and personal information, so we should be able to be witness to our credit score also. The importance of a good credit score cannot be underestimated, and as a result, nor can our access to it.
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