{"id":20845,"date":"2024-06-13T16:40:58","date_gmt":"2024-06-13T15:40:58","guid":{"rendered":"https:\/\/www.ccpc.ie\/consumers\/?p=20845"},"modified":"2024-06-13T16:49:56","modified_gmt":"2024-06-13T15:49:56","slug":"clean-up-your-credit-history","status":"publish","type":"post","link":"https:\/\/ccpc.inventise.ie\/consumers\/2024\/06\/13\/clean-up-your-credit-history\/","title":{"rendered":"Clean up your credit history!"},"content":{"rendered":"

If you are planning on taking out a loan or credit card anytime soon, your credit history will come under scrutiny. Lenders will look to get the bigger picture of your ability to repay before deciding whether or not to grant you a loan application.<\/p>\n

The good news is there are certain actions you can take to clean up your credit history. Here are the best steps to successfully securing a green flag on your credit history!<\/p>\n

1. Review your finances<\/h3>\n

When did you last examine your income and the way in which you manage it? It may be time for a financial health check to see where you can improve. Depending on loans to fund your living expenses is a red flag, make sure you only consider a loan when needed.<\/p>\n

Our Money Hub has helpful advice on managing your money<\/a>.<\/p>\n

2. Do not miss loan repayments<\/h3>\n

If you currently have a loan and miss any payments, it will be recorded on the Central Credit Register (CCR)<\/a>. This may affect your ability to borrow over the future. Missed repayments will be recorded on the CCR for years, so if you see problems coming up, talk to your lender before they happen and see can you make a different arrangement.<\/p>\n

\n

Do you know?<\/h3>\n

The Central Credit Register (CCR) is a database that stores information on all loans of \u20ac500 or more. Lenders send information on borrowers to the CCR every month. This personal and credit information is matched to create a credit report for borrowers.<\/p>\n<\/div>\n

3. Clear your credit card debt<\/h3>\n

Credit card debt is a drain on your credit history. If you don\u2019t clear your credit card, it will show up on your credit history for five years. Use our clearing your credit card calculator<\/a> to see how increasing your monthly repayments will help you pay off your debt faster. Get more information on paying off credit card debt.<\/p>\n

4. Settle all outstanding loans<\/h3>\n

It can come as a surprise to discover that the student loan you never fully paid off appears in your credit report, but it does happen! Check back with every credit provider you ever dealt with to make sure there are no debts lurking!<\/p>\n

5. Ask for your credit report<\/h3>\n

You can ask for your credit report at any time, for free. This gives you a full breakdown of your credit history<\/a> good or bad. A bad credit history will likely result in a loan refusal even if your income is enough to repay it. You have the right to include an explanatory statement of 200 words or less relating to any of the information. This will then be included on your credit report.<\/p>\n

\n

Top Tip<\/h3>\n

If you\u2019re unhappy with your credit report and believe it is inaccurate, you can fill out an amendment to it on the central bank website or by post. Once the issue is identified, the central bank will liaise with the lender and correct the report if necessary.<\/p>\n<\/div>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

If you are planning on taking out a loan or credit card anytime soon, your credit history will come under scrutiny. 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