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Home » Business And Finance Articles » What You Need To Know About Your Credit Rating

What You Need To Know About Your Credit Rating

Every time you apply for a credit card, loan, finance or a mortgage your credit history will be checked. This gives the lender information from which they decide whether they feel you are likely to make your repayments and so whether or not to provide you with the funds you have requested. There are many ways in which you can have inadvertently damaged your credit rating and so it is advisable to gain a copy of your credit report if you are considering a mortgage or large loan to ensure you don't receive any unpleasant surprises.

There are three main companies in the UK who hold information regarding your credit history. These are Equifax, Experian and TransUnion. Unfortunately, they all hold different information and you will not know which of these companies will be used by the lender you decide upon and so you will need to collect your credit report from all three of them to build up an accurate picture of your financial health.

There are many ways in which a credit score can be damaged and some of these can be undone fairly simply. For example, if one of these companies has a previous address for you it can damage your score but this can be amended easily and will have an immediate effect on your rating. It is also possible that they may have accounts listed as open but which you have actually closed. This will also have a positive effect. However, you cannot request accurate information be removed so any late or missed payments in your past will have to stay on your record.

Credit checking companies will normally go back over the last seven years worth of records and so they late payments may have an adverse affect on your overall score at any point within this time. The only thing you can do to compensate for this is ensure that you do not make the mistakes again and prove to the lenders that you are more responsible and organised now. Even with previous blots on your record your score will creep back up every time you make a payment on time.

And here is another random article you might be interested in...

Customer Service For Huge Profits

Customer service is the most vital asset for Business either it is online or offline. It's the critical factor which determines if your business has a future or not. There are two vital components to every interaction you have with a customer

1) The purchase or transaction 2) The relationship

In order to distinguish yourself among your competition, providing just good service is not enough. The same do your competitors. You must provide EXCELLENT service. That will happen following these rules:

a) Solve your customer's problems as fast as you can without hassles.

b) Your employers should know their stuff and be well trained.

c) Treat customers with respect, a quick response, and appreciation

d) Authorize employees to provide as accurate information as they can and make things happen for customers.

e) The customer should leave with a positive feeling.

One of the most serious problems corporations and small business deal with customers is the defection effect. It is the silent process where the customer takes his business from you and start dealing with your competition. This happens without yelling, showing disappointment for your service up front.

That process applies to many industries and trade sections. It's an epidemic. The cure here is to do the best you can in order the customer come back again and again. Most of your profits will come from few large accounts ordering continuously.

With these customers you should focus your efforts and customer service. For example you could create a toll free call line 24/7 for tiding your large firms you do business with.

On the other hand, that does not mean that you should leave your small clients "out in the cold". Supporting them is important too. Imagine what it would happen if a large customer stops working with you? What do you think the consequences for your company would be if you left your small customers?

Of course it costs less keeping a customer, who makes revenue by continual orders, than chasing and finding new clients. It's not a secret the 80/20 rule, meaning that 80% of your profits will be produced from the 20% of your clients. The rates of course are not absolute, it could be 98% to 2%. There are Real life examples for these rates.

After all, the most effective advertising in the business world is the "word-of-mouth advertising." It's so effective because the testimonials gains trust , which means the happy client has no self-interest causes for proposing a particular firm to his friend.

This can be accomplished if you have provided exceptional service to your clients. Another important factor of great customer service is that it has to be countable. For example: " You must answer the phone fast" doesn't mean anything . On the contrary : "You must answer the phone sooner that the third ring" is an accurate customer service rule.

Finally, one of the most important leaps in customer service we can find in today's business world is the individual section mindset most of the companies follow. That means the interactions between the different sections of the company (Sales/Telemarketing, Shipping, Technical support, Credit/Collections, Order processing) do not function as a team but more often as individual sectors of the firm.

The most discouraging feeling for a customer is dealing with more departments with lack of critical information between them and not being able to find a solution to the problem.