What affects your credit rating?
The factors that determine your credit rating have changed dramatically in recent years, so let’s begin with a brief history lesson. Back in the old days (okay, before March 2014), your credit rating was only based on negative events, such as defaults. This meant lenders had limited data on which to judge your creditworthiness. Three years ago, a new comprehensive credit reporting system (CCR) was introduced. The upshot is that organisations are now allowed to share far more of your…read more