Having no credit history can sometimes be just as damaging as having a bad credit history. This is because companies use your credit report to see how financially responsible you are. If they can’t get a picture of whether or not you are reliable in making repayments, they may be less willing to lend to you. This is why it’s a good idea to start building your credit score before you need to borrow money, as with a reliable history you’ll find it easier to land a loan in the future or when you really need one.
Building your credit profile from scratch
There are ways you can build up your credit history from nothing to give companies information about you and a reflection of how you handle your finances.
Morses Club PLC (LON:MCL) is an established, relationship-driven consumer finance provider offering a range of credit products and delivering exceptional services to customers in the non-standard finance market.