This week marks the start of the world’s greatest cycle race, the Tour de France and this year the Grand Depart of the race starts in our very own Yorkshire.
The Tour de France has inspired us to think about our own fitness but rather than physical fitness, we’re thinking of our financial fitness. That’s why we’ve put together our Tour de F’nance which will be a series of articles looking at how you can help get yourself financially fit.
Financial fitness is important for many reasons which can all have a very real impact on your life. From applying for loans, credit cards or even a mobile phone contract, to your personal peace of mind, strong finances make a difference. So before we start this race and aim for the bumpy road though, we’re going to start with preparation. No matter how much energy you have, it’s going to take a long time to complete a race if your bike has two flat tyres, broken brakes and a missing seat and the same goes for your credit report!
That’s why this Tour de F’nance begins with a look at your credit report and the things that can most affect it.
Old accounts like flat tyres?
Your credit report holds your financial history for the past six years and if you haven’t looking back through your account history it’s worth doing. There could be old accounts which haven’t been used in years and could be letting down your ability to obtain credit like a thorn in a tyre. For example, accounts registered to an old address are a common reason for credit applications being rejected and cancelling unused credit cards could improve your credit score and chances of being approved.
To view your financial accounts, just log in to your Noddle account, click on My Credit Report and then Financial Account Information.
The Electoral Roll energy boost
Even if all your accounts are healthy and you’ve never missed a payment, not being registered on the Electoral Roll can suck the energy out of your credit application. This is because being present on the Electoral Roll helps lenders to be sure you are who you say you are and that you’re living where you’ve told them you’re living. This can vastly improve their confidence when looking to approve a credit application. So if you’re not registered or not sure if you’re registered on the Electoral Roll then visit the AboutMyVote website to find out how to register with your local authority.
Notice of Correction
Is there something on your credit report which is factually correct but you feel creates a misleading impression to lenders which could be explained with extra context? If so, you can add a Notice of Correction (which is often referred to as a NOC).
A NOC is a short note (max 200 words) which you can add to your credit report which anyone searching your credit report will see and must take in to account when you apply for credit.
For more information on how to add a NOC to your credit report just log in to Noddle and click on Notices Of Correction in ‘My Credit Report’.
Is everything correct?
The information on your credit report is supplied to the credit reference agency (such as Callcredit who generate your Noddle credit report) by your banks and lenders. While the lenders and credit agencies will do everything they can to ensure this information is correct you also need to check that it’s accurate. And if it isn’t, you need to contact your bank or lender to update their files and send the credit reference agencies like Callcredit the correct information.
At Noddle we help you dispute this information by making it as easy as possible. If you’ve got something on your credit report that doesn’t look quite right then click the button that says ‘Let Us Know,’ answer a quick question about it and we’ll do the rest.
So that’s the first part of the Tour de F’nance, and now that the preparation’s been put in we’re going to move on to looking at getting the race started by building your finances to ensure you take an early lead. Until then, why not log in to your Noddle account and check that you’re starting the race from the strongest position you can be.