Credit score warning - mistake on a report could ruin your credit and borrowing potential

© THE MONEY FOX/GETTY Francesca the Money Fox and a credit score

Money coach Francesca, aka The Money Fox, spoke with Express.co.uk about ways to improve a credit score.

In short, a credit score is a number given to indicate someone’s credit history to lenders.

Lenders will use this to assess someone’s financial history and whether they are generally dependable.

Credit scores come into play when it comes to acquiring financial products like credit cards, or loans – including mortgages.

Francesa, a money coach with over 31k followers on her Instagram, who offers one on one financial coaching, discussed the “first thing to do” when tackling your credit score.

She also discussed improving your credit score, and one way this could be easily done – if a mistake has been made.

© THE MONEY FOX Francesca the Money Fox, a financial coach

Francesca told Express.co.uk: “I would say start with your credit report because everyone assumes it’s fine.

“But, there have been so many times when I’ve had people personally who have looked at it and there is a debt on it that isn’t even theirs because it’s been mistyped or just allocated them in error.”

Interestingly, errors can occur, which may mean your credit report is incorrect.

This would no doubt affect your financial standing, especially when looking to borrow.

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Checking your credit report is simple and can be done via various companies including Experian, ClearScore, and Money Supermarket’s free credit score.

Francesca went on: “Then you have to appeal to get that taken off.

“It’s not instant, but they will do it quickly.

“So, the very first thing when thinking about credit is to view and check your credit report.”

© GETTY A woman looking at her finances on a computer

What should you do if there is an error on your credit report?

Dispute the error with the reporting company

This should be done with a letter detailing the dispute in as much detail as possible.

Explain why you are making the dispute and identify the error you are disputing in detail, which can be done by including a copy of the report and highlighting the errors.

In the letter ask for the information to be corrected or removed and remember to provide your contact details.

© EXPRESS.CO.UK Infographic showing the top 10 lenders

How can you boost your credit score without taking out a loan?

A loan is a risky way to boost a credit score. If borrowers can’t pay it back, their scores will suffer.

On The Money to the Masses podcast, Laura Mossman told listeners checking their score for mistakes is key.

Signing onto the electoral roll will also help boost a credit score.

Those in need of financial advice should seek out a professional advisor before making any financial decisions.

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