Help to build your credit profile
Understand and improve your credit profile
Your credit history tells lenders about the loans you’ve borrowed, payments you made or missed, and any fraud. This data can be used to create a credit score and is a key factor for lenders when deciding whether to lend to you or not. It is important that you check this to make sure the information is accurate and regularly updated.
Access your credit reports for free at:
You can learn more about credit ratings and how to improve your credit score at The Money Advice Service:
Improving your credit profile with Fair Finance
When you borrow and then repay a loan with us, we share this information with the major credit reference agencies in the UK (Equifax and TransUnion). This way, other lenders can see how well you are repaying a loan taken out with us. Although there is no guarantee of an improvement to your credit score, by getting a loan with Fair Finance and making all the loan repayments in a timely fashion, you will improve your credit history and start to move from bad credit to good credit again. At the same time, it should be noted that if you miss any of the scheduled contractual loan repayments or only make partial repayments then your credit history will be damaged.
Improving your credit profile with LOQBOX
LOQBOX gives you a chance to prove your creditworthiness while you save, improving your credit score so that you can get approved for better credit in the future.
- Choose how much to save – from £20 to £200 a month for 12 months
- These payments are reported to credit reference agencies to build your credit history
- You can ‘unlock’ your LOQBOX to access your savings anytime
