The importance of maintaining your credit record means that you have access to credit when you need it the most.
Making sure your ITC is up to date on a monthly bases has huge benefits and could mean that you qualify for better loan products and even better interest rates.
” Can help boost your credit score “
Credit score points are calculated on how you pay accounts . If you have paid an account and it has not yet been updated by the credit provider this is points that you are missing out on.This could lesson your chances of qualifying for better products or interest rates if applicable.
” Ensures that accounts that have been settled are no longer reflecting as an expense ”
One of the other fundamental reasons why the importance of maintaining your credit record is a must is because often at times credit providers may not update your ITC for accounts that have been paid off. This is the number one reason why the importance of maintaining your credit record is so vital. This can work against you as when you apply for credit at the next company you may find that your application has been declined due to affordability. In some cases loan providers may accept letters but others may not and will require that the information is updated on ITC first. This requirement varies from credit provider to credit provider. We at Loan Masters are able to assist consumers in the event that information has not yet been updated.
” Adverse listings removed “
If you have a judgement/default hinders your chances of qualifying for credit. In the event that your judgement has been paid up and rescinded in court this information needs to removed of your ITC. This will drastically improve your chances of qualifying for credit.