How is managing a credit report like playing football?
The World Cup is now over, Germany are no doubt still celebrating their huge success and we’ve got another four years to wait to see if a British team can make us proud. At Noddle we’re huge fans of anything sport related, so we were following the World Cup closely and think that managing a credit report is a bit like playing football.
It’s a team game with many important pieces.
If there is one thing we learned from this World Cup, it’s the fact that a team is always stronger than any one superstar.
Unlike many other countries who relied on star players such as Messi, Neymar or Ronaldo, Germany are the perfect display of a strong team with no weak links. They do say you are only as strong as your weakest player.
Similarly, your financial passport is composed of a series of interdependent components, all of which contribute to its strength. If you break down the elements to sizeable chunks, you’ll be on your way to winning finances in no time.
Get your team registered to play
How can you be acknowledged or supported if no-one knows who you are? The same goes for your credit report/score – make sure you are registered on the electoral role, and the details are up to date. Lenders use this information to help confirm your name and address in order to combat fraud, so it benefits you to make sure that these details are added.
The past is important
To an impartial bystander, your winning (or losing) track record is important, as it gives an indicator of your likely performances in the future. If lenders see that you are punctual with repayments, they will have more faith that you are trustworthy, and will be more likely invest in you and give you better credit deals. It’s never too late to start winning either, so make sure you arrange regular payments to keep your finances in tip-top shape.
Protect yourself from injury
Things might be all well and good when you are attacking the goal with your teammates, but what happens when someone tries to steal the ball? Fraudsters will be the defenders that tackle the ball from right under your feet, sometimes when you least expect it.
There are a numbers of ways that fraudsters will try to obtain information – identity fraud and theft of personal financial information being the most popular ways to date. In the same way that you wouldn’t play a football match without shin pads, you can help protect yourself from those scammers by regularly checking your credit report. By doing so you can check to make sure all the information on there looks correct and be more likely to be able to flag any suspicious activity quickly.
Always be open to improvement
Regardless of who you are, or where you play, there is always room for improvement. It’s important to understand your strengths and weaknesses and then develop all areas of vulnerability so that they turn into strong points. Find out more about how to improve your credit score here.