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Bank claims: 'Use credit builder accounts' to improve credit rating

Many people have a poor credit rating or have never owed banks money at all, which can make it difficult for them to make a loan claim or incur credit card charges.

The Mirror points out people who have never borrowed before will not have a credit history, which means moneylenders will be unsure whether or not they can meet their debts and financial obligations.

Other people will find it difficult to take out a loan because they have borrowed in the past but been late with repayments.

A solution to this issue is making credit card charges with a credit builder account, which are relatively easy to obtain but have high interest rates.

Using them sensibly for a number of years should make it easier for a person to borrow money, the publication remarked.

"These cards allow you to build or repair your credit history gradually and are tailored for borrowers with a less than perfect credit score," the newspaper added.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801343272-ADNFCR

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