HighCreditScore.co.uk offers help with New Year’s Resolutions

Dec. 24, 2009 - PRLog -- HighCreditScore.co.uk offers help with New Year’s Resolutions
Membership programme can help keep finances in order

24th December 2009
London

HighCreditScore.co.uk, the website providing access to Callcredit credit reports and scores, could help members keep their finances under wraps this January.

Claire Patterson of HighCreditScore.co.uk said:

“Across the UK, we have all suffered the consequences of the recession deepening over 2009. Mismanagement of credit and overspending have left many members in a difficult position, as they attempt to pay off debts whilst keeping the household bills paid on time without the aid of the cheap credit we are all used to.

“As the economy begins to recover in 2010, it can be tempting to go back to old financial habits; depending on credit to get by and burying our heads in the sand when it comes to keeping track of what has been borrowed and what needs to be paid back.

“It is important to learn the lessons of the latest recession and borrow responsibly. Here at HighCreditScore.co.uk, we are dedicated to helping members keep track of their borrowing and protecting themselves against identity theft and fraud. Using HighCreditScore.co.uk to obtain a Callcredit credit report and credit score can help members keep on top of their finances and avoid getting into debt that they cannot repay.”

Given how tough times were during 2009, many people in the UK are expected to make a New Year’s resolution to better manage their finances, and this starts with knowing exactly what they owe. A credit report is derived from a consumer’s credit history, which is a record of all of his or her borrowing and repayments, including loans, mortgages, credit cards, overdrafts, unpaid bills and County Court Judgments. From this record, a credit score can be created. This is a value taking into account all of a consumer’s past borrowing and their past reliability in repaying their debts on time and in full. This value is then used by lenders to calculate the risk incurred by lending to that consumer. This in turn determines the borrowing capacity of the consumer, when any credit offered must be paid back, and how much interest is charged.

For members with debts, knowing their credit score and seeing a copy of their credit report is the first step towards taking control of their finances. Knowing exactly what they owe and what they can still borrow can help them to make decisions about whether or not to borrow, and help get repayments on existing loans back on track. Obtaining regular credit reports will allow members to keep track of their credit score and even work towards improving it. A better credit score can mean that members find it easier to secure loans, get better deals on mortgages, or larger credit card limits, so it is advisable to keep checking credit reports to maintain healthy finances.

Credit reports and scores are also useful in the fight against identity theft and identity fraud. Identity theft is where a criminal uses the personal details of someone else, such as their name, address or bank numbers, to fraudulently obtain credit in their name.

The effects of identity theft can be devastating. Many people who become victims of identity theft do not know about it until thousands of pounds have been stolen in their name, leaving them with the debt of someone else. This can take months to rectify, as the victim must prove to their creditors that they did not take out the loan, credit card or bank account that has been fraudulently obtained, which can be very difficult. In the meantime, victims must continue paying their regular expenses such as mortgages, rent or utility bills, without their usual reliance on existing credit.

A credit report can help to catch identity thieves before too much damage has been done. As credit reports show a consumer’s credit history, members are able to examine the report and identify any credit taken out in their name that they are not familiar with. Any anomalous debts are likely to be the work of identity fraudsters, which at least informs the consumer that they have been stolen from and allows them to take action, rather than carrying on oblivious to the theft.

To see all of our latest discounts and savings please visit http://www.highcreditscore.co.uk.  To learn more about High Credit Score, please contact us at 0845 026 1092.

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