Experts give their tips on easy ways to boost your credit score

The hashtag ‘improve your credit score’ has surged 72% on TikTok in the past month. However, experts warn that not all information found online is accurate.

Some common misleading tips include claims that closing old accounts boosts your score or that paying only the minimum amount due on credit cards is a good strategy. Norton Finance, a leading financial company, offer expert advice to help improve credit scores and avoid spurious information.

Ensuring registration on the electoral roll: "Even if you missed out on registering on the electoral roll for the 2024 election, an effective way to boost your credit score is to ensure you’re on the roll now. It verifies your identity and address, helping to reduce the risk of fraud."

Using the Rental Exchange Scheme: "If you're a renter, the Rental Exchange Scheme can allow you to build a positive credit history by reporting your rental payments. Always make sure to pay your rent on time and inquire about participation in the scheme."

Exploring credit builder card options: "Credit builder cards are specifically designed to help people with limited or poor credit establish a positive credit history. We’d recommend using them responsibly by staying within your credit limit and paying your bills on time."

Conducting checks for financial associations: "Be mindful of your financial associations. The credit history of individuals you share joint accounts with can actually impact your own score."

Keeping old accounts open: "Keep your old credit accounts open and use them occasionally to demonstrate long-term responsible credit management."

Paul Stringer, Director at Norton Finance, adds: "As a financial company, we understand how important a good credit score is. It can impact your ability to get loans, mortgages, and even certain jobs.

"While social media can be a good source for quick updates and general information, it's crucial to rely on trusted sources when specifically looking for financial advice and that’s what we aim to provide."

For more information and expert ways to improve your credit score visit: https://www.nortonfinance.co.uk/know-how/manage-your-credit-rating/best-ways-to-improve-your-credit-score