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Is your credit score stopping you from buying or renting a property?

By Bea Patel on in Buying, Renting

Is your credit score stopping you from buying or renting a property?

Understanding and managing your credit score is essential when applying for a range of financial products, especially mortgages, loans and renting property.

Using credit scores to determine someone’s financial viability for a mortgage is nothing new, but it’s becoming increasingly common for landlords to use them when deciding on potential tenants. So, if you’re unsure of your financial history, it’s a good idea to check your credit score through a referencing agency. The three main UK agencies are Experian, Equifax and CallCredit.

Once you have your credit report, check that all the information is correct. You should look for any areas which can be improved. For example, if you’ve missed some monthly payments in the past, try to build up a new, stronger history by paying bills on time for as long as possible.

There’s plenty more you can do to maintain a healthy credit score and increase your chances of getting your preferred mortgage or rental property. Check out the infographic guide below from Sainsbury’s Bank – Money Matters, which explains what a credit score is, how it’s calculated and what you can do to improve your rating.

Guide to credit scores from Sainsburys Bank