How to boost your credit score – before it’s too late
Mail On Sunday, 06 Mar 2016
'Paying off a loan has helped me rebuild my credit rating'
Lecturer Amy Loines is no stranger to her credit file after her personal life and finances fell apart a few years ago.
She separated from a boyfriend, moved out of the home they owned and later fell ill. She could not work, lost her income and could not repay her debts.
Amy, 30, who now lives with a new boyfriend in Kent, says: 'It was scary and out of my control.'
She managed to get back to work and started paying off her debts slowly. But her credit report was still poor.
Amy says: 'I was turned down for a bank loan that would have consolidated my debts, shrunk the cost and helped me rebuild my credit rating.'
She turned to credit reference agency Experian and used its CreditMatcher service – linking people with deals they are likely to be accepted for.
It paired her with Amigo Loans, which has higher rates than mainstream lenders but does not reject customers according to what is on their credit report.
It will only lend if a friend or relative is prepared to act as 'guarantor' – which Amy's new partner was.
She got the loan last summer and has been paying it off steadily ever since – improving her credit rating in the process.
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