Credit report top ten for 2010

If you are looking for a new mortgage, loan or a credit card be sure to review your credit record before you begin.

There are 3 main credit reference agencies in the UK, these are Call Credit, Experian and Equifax.

They all retain a large volume of personal information about each and every one of us. The conduct of all credit accounts is recorded and held for up to 6 years showing any minor blips which can be used by lenders and
providers as an excuse to refuse an application or charge a higher interest rate.

So, before you begin it is critical that you ensure your record is up-to-date and reflects the facts about your credit standing. You'd be surprised just how many people still do not understand how it all works.

Here is a top 10 of handy hints and myths busted:

1. People who have lived at your address before you do not affect your credit rating.

2. Being on the voters roll will increase your credit rating.

3. Checking your credit report does not harm your rating.

4. There is no such thing as a credit blacklist.

5. Paying a mobile phone bill late will damage your credit rating.

6. All applications for credit made in the last 12 months appear on your report

7. The size of your credit limit affects your rating.

8. Getting married or divorced does not affect your credit record.

9. If a credit account is in default, this will stay on your credit record for six years.

10. If you do remove your name from a joint account, you should still tell a credit reference agency you want to "disassociate" yourself from that person.