Starting on 1st September, we’re launching a brand new radio show “The Money Hour” in association with LBC. Co-hosted by Clive Bull and Sarah Willingham, it’ll be from 9 to 10pm on Monday nights. Experian’s resident money expert and Head of Consumer Affairs, James Jones, and experts from other organisations will join the presenters discussing issues such as mortgages and car loans, giving help and advice on credit matters and answering listeners’ questions. I spoke to James about the upcoming launch of the show, and here’s what he said.
What’s in the show? We’ll be discussing key issues such as qualifying for a mortgage, getting the best deals & avoiding credit refusal, and we’ll share our top tips for building a great credit rating!
What are the biggest myths surrounding credit ratings and credit scores? There are so many myths which are really frustrating for us and sometimes damaging to the public. For example, many people believe checking their own credit report will damage their credit rating. Of course this is totally false and if there’s any impact it’s likely to be positive as you may identity information or behaviour you can change to improve your credit rating in the future. Another example is ‘blacklisted addresses’, which simply don’t exist. But some people believe they do and make bad decisions about their finances as a result.
What should someone do if they get refused credit? We should all see credit refusal – and we all get turned down from time to time! – as an opportunity. Push the lender for an overall reason – and only they can tell you this as only they know! – and order your credit report from the credit reference agency the lender consulted and check through the information carefully.
The top three reasons why checking your credit report can only be a good thing?
1) For a start, checking your own report from time to time compliments the work the credit reference agencies do to try to make sure you’re the information is accurate and up to date. And if you do spot something that needs changing you can alert the agency which will then launch an investigation on your behalf.
2) By checking your report you may identify things you could do to improve your credit rating, for example by registering on the electoral roll.
3) Many victims of identity fraud discover the crime when they check their credit report, and in most cases the early you spot fraud the easier and quicker it is to sort out.
——————— The Money Hour - every Monday from 9-10pm on LBC. A podcast link will be available here on the Experian Experts blog each Tuesday following the show.
Planning ahead – whether a shopping list or paying bills on time – can help you in the long run
Let’s face it, most of us want to try to make the best use of what we have coming in by reducing what we have going out.
It doesn’t have to be formally ‘saving money’, but sometimes just making small changes to the things we do on a regular basis can help cut costs.
Just what is a credit score? And what can it do for you? Melvin, a Customer Services Executive at Experian, explains here what a credit score is, how it is calculated using information in your credit report, and how a higher credit score could mean you could get better rates on financial products.
He also talks about what you can find on your credit report, what kind of things lenders use it for, and what other factors within your credit application can affect the decisions lenders make.
Did you know we have an Experian YouTube channel? It’s a selection of videos with tips on how to get and manage credit successfully, how to understand your credit report, as well as how to protect against the threat of Identity theft.
This short video below helps to explain all about the Experian credit report, and what is on it, with links to several other videos that go into more detail. You can find more videos about understanding your credit report here.
This one here features CreditExpert customers talking about how the service has helped them.
Finally this one below explains what identity theft is, how to protect yourself against it, and how CreditExpert can help you spot and stop it before any damage has been done. You can find more videos on this subject here.
You can find more of our videos at https://www.youtube.com/user/CreditExpertUK
It’s official: women prefer a man who’s responsible with money to a George Clooney lookalike with a degree.
Really? Well, research from Experian has shown that 3 in 4 of women (75%) rate financial prudence more attractive than appearance, education or background, and on a par with intelligence (74%).
There remains no shortage of demand for tickets to see Premier League football, but is it still too expensive for the ordinary fan at a time of reduced circumstances for many?
We’ve been looking at Barclays Premier League ticket prices for the new 2014-15 season to see if it is still priced beyond the average family, whether there are any green shoots to give us hope, and what you could do to manage your finances to budget for it.
Identity fraud, or identity theft, could happen to any of us. That’s why keeping a close eye on our personal credit information is so important.
*source for figures: Stop ID Fraud consumer facts, and National Fraud Authority 2013 (page 10, Dec 2012 figures)
If you think you have become a victim of identity fraud, notify Action Fraud, contact your bank and check your credit report. Your credit report can highlight irregularities such as suspect applications for credit and rises in card balances.
Experian’s Victims of Fraud service is also available free to fraud victims, and has a dedicated team to give expert advice and support tailored to particular circumstances.
A nation of smartphone users
Britain is a nation of mobile phone users – it’s hard now not to agree with that. Figures vary but it seems that around half the population currently owns a smartphone – just look at people sat on buses, or in cafés glued to their smartphones.
Your credit score is not set in stone – you can change it
Everyone has a credit report, and by definition a credit score too. And when you apply for new credit, most lenders want to make sure you’re able to pay it back before they commit to giving you credit.
If you’re planning to get a new card for your holiday spending, check your Experian credit report before applying
Before you go on holiday this summer, it’s worth remembering that there are several ways you could cut costs before you’ve even touched down on the sun-kissed runway.