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  • Emma Parker
  • January 14, 2020

A small loan or big amount long-term loan, whatever you apply for, your credit report is vital to appear in the procedure. It is the most critical element as it shows the payment history, which confronts scrutiny. This helps to know the repaying capacity of the applicant.

The unavoidable importance of credit report immediately expresses the need to have a flawless financial record. This ensures better chances of approval on loans and in turn smooth attainment of funds.

The guaranteed payday loans are essential to make ends meet at the last moment of an unexpected financial crisis. These are the instant loans with an approval decision in 30 seconds and fund disbursal in 10 minutes. The word ‘guaranteed’ denotes assured loan approval. Due to the sudden service, the lenders expect you to carry a flawless fiscal report. But how can that be achieved?

Here are several simple ways to get a clean financial record, they are –

Check credit report in every two to three months to detect possible errors

Credit reference agencies prepare your file by using your financial information attained through different sources. Sometimes some mistakes either happen in the source of information or while the agency mentions it in the file. Wrong information can degrade your credit score and can spoil your first impression in the eyes of the lender. It is necessary to check it now and then and confirm that there is no mistake. In case, you find any error, get it removed or rectified.

Get on the electoral roll with the latest address

Do you how important it is to be on the electoral roll and that too with the latest address? If no, then you should realise that it is vital for two reasons.

  • Lending companies check electoral roll to know your authenticity as a citizen of the country and resident of a city.
  • If you have a wrong or old address registered on the roll, it can bring financial threats to you. For example, you have moved to a new address, but someone else is living in that place. If that person commits any fraud, it will show on your name, as your current address is still the old one. This affects the credit report.

Make timely payments of debts and bills

After all, whatever the financial documents show is the mirror image of your financial behaviour. If you want to see a ‘yes’ on your loan application, then pay the expenses on time. It makes your file look good and spotless.

Credit card payments, electricity bills, insurance premium, other loan instalments, etc. pay everything on time. Lending companies are always happy to lend money to an applicant who is responsible for financial commitments.

Close the unused store cards, credit cards, bank accounts etc.

Whether you use a financial product after its attainment or not, it shows in the list of your financial responsibilities. Besides, it is necessary to treat it in the desired way. For example, a bank account that is not in use for a long time and has no minimum balance may severely affect your credit details. Close them now or start using them at least. Whatever you do, make sure that they do not appear unattended as this shows a person irresponsible.

The loan companies get into doubt when they see such things in the financial details of a loan applicant. They want to know a person who is disciplined in every aspect and knows how to tackle the money matters. It is best to pay heed on this part and play safe to get approval on guaranteed payday loans.

The above points can help you attain a clean image through an unmarked credit report and can get smooth loan approval.

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