How to Fix Your Credit File?

Credit bureaus, such as Veda, hold a credit report for each individual who has applied for any form of credit, such as a loan for personal use or mortgage loan. Before granting credit, lenders carry out credit checks on the applicants. It may be the case that your credit check reveals a poor credit score. In this case, the lender is most likely to reject your application for a loan or credit.

Veda calculates a Veda Score for each individual, which is then compared by the lender with the scores of other individuals to determine whether or not it would be feasible to grant a loan to a certain individual. The VedaScore can be accessed by firms by signing up on

A poor credit rating can be caused by a number of different factors. For example, you may have been unable to pay off a debt on time or undergone bankruptcy. It is also possible that there has been a case of identity theft; someone may have taken out a loan under your name and defaulted at the time the loan was due to be repaid.

 In order to fix this, credit repair must be done. If your report records any outstanding debt, you can enter into negotiations with the lender and pay off the debt as soon as possible. Alternatively, you can also opt for a consolidation loan, which will allow you to quickly overcome the debt. Generally, it is a wise idea to aim to pay off those loans on which a higher interest rate is charged. This is because if you delay the repayment of the loan, you will eventually have to pay back a larger amount.

In order to protect against identity theft, make sure you do not leave important information, such as passwords, lying around. Be careful when using public computers and use anti-virus programs in your personal computers to prevent hackers from accessing your stored information. Strong passwords should also be used for email accounts and the like.

Generally, it is advised to keep a credit rating check. Credit bureaus, such as Veda, provide customers with the opportunity of carrying out credit reference check to see the current position of their ratings.

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