electronic Global Trade Credit Platform/eGTCP's Blog: How to Maximum Your Credit Score to Benefit Your Small Business?

1/5 British adults don’t really know what a credit score is despite many of them having been turned down because of credit in the past, a survey looking into the understanding of finances nationally has revealed recently.

The survey which was conducted by specialist credit card provider set out to gauge public understanding of what credit is, how credit affects life and more of if they have an idea of how to improve their credit score.

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19 percent of the native people admitted to us that they have never checked their credit score and a nearly 20 percent confessed that they have been turned down because of credit.

Among those who had been denied, 52 percent said they had been rejected to apply credit cards and 34 percent said they have been rejected to apply personal loans. 10 percent said they realized they had a bad credit score when they were turned down for a mortgage.

When they were asked several questions relating to credit, 10 percent of them assume regularly checking the credit score will affect your rating and another 10 per cent believe that the credit score will be better if you don’t borrow a big amount of money, both of which are indeed not correct.

The survey also revealed 80 percent assume you only have one credit score, when in real life people may have more than one credit score. For instance, there are three credit breeds in England, Equifax, Experian & TransUnion, and each of them holds different information about you which depends on your purchasing record.

Sion O’Connor concludes, “It’s worrying how little understanding people have about credit ratings when they dictate a large part of our lives. Building a good credit rating is important to be able to borrow money for the important things we want in life, such a mortgage or car finance.

“We advise people to stop applying for credit until you have improved your credit score, to get on the electoral register, make sure you pay your bills on time and, in the long term, consider using a credit builder card.”

“A credit builder card helps improve your creditworthiness by demonstrating that you can borrow money and meet the minimum payment each month.”

Thus, we hope you are trying to know or check your existing credit score. With it, you can definitely understand your limits. If you are doing business, especially trying to trust others, upon understanding who you are and what you have very well, you’d better check your business partners’ credit score. If his financial state is green, you can pass to cooperate with him. In this way, you are saved when you are trapped or cheated based on knowing nothing about your partner. Why not?

We have summed up some good passages online about credit inquiry. If you are in need to better your business, here is the link for a free check.