Your credit record is used by lenders and credit providers to decide whether you are reliable enough to be given credit, and, as such, it is vital to have as good a credit history as possible. A good credit rating will mean that you will be able to borrow money, and at more favourable terms then those with patchy records.
How a quick sale can improve your credit rating
Banks, credit card companies, and other lenders update the credit ratings agencies on a regular basis, so if you are already behind with loans or cards then missing a few mortgage payments will start to show up on your record. The more missed payments on your credit record, the more difficulty you will have in obtaining loans or another mortgage in the future. It is therefore important to deal with the issues before they get out of hand.
It is important to see what information the credit companies hold about your financial history. Experian and Equifax are the two largest credit ratings companies in the UK, so you should apply to one of them. If there is anything on the record that shouldn’t be there, then you will be able to write to the company and have it removed, or amended.
The most crucial step is to take measures to clear your debts, and this is where a fast house sale could help. Selling to a cash buyer could raise enough to pay off your bills and avoid further damage to your credit record.
With a fast house sale you could raise the cash to pay your debts within a short space of time, and the fact that you have cleared your debts will make it more likely that you will be able to get credit in the future on reasonable terms.