The end of another year inevitably brings with it a period of soul-searching and reflection over events that have touched and shaped our lives during the past 12 months.

Undoubtedly, 2020 has been a challenge for everyone due to the ongoing impact of the coronavirus pandemic, both personally and financially.

Furlough was something most people in the UK had never heard of until March, let alone imagined they would be on it for weeks or even months at a time - by mid-December, 1.2 million employers have applied for support from the UK Government’s Job Retention Scheme for some 9.9 million employees since April.  

The pandemic has also forced most of us to reassess our finances and take a deeper dive into our outgoings and with many Brits hoping to improve their credit score in the New Year, personal finance experts, Ocean Finance, have created a handy guide highlighting 15 ways to improve it before 2021 begins.

15 actions you can take to instantly improve your credit score

If you’re looking to improve your credit score for the start of the New Year, here are some quick wins:

  • If you rent, ask your landlord to put you on the Rental Exchange Initiative to show you pay rent on time.

  • Check your address is correct on older, active credit accounts, as this helps with accuracy for future credit.

  • Add a landline number to credit checks to prove stability.

  • Get your name on household bills, even if you’re in a house share as this proves you make payments on time.

  • Get on the electoral roll to boost your score by around 50 points.

  • If you can’t register to vote, get proof of residency to have it added to your credit report.

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  • Make sure all of your direct debits are paid on time.

  • Do not withdraw cash on a credit card, as you will have to pay interest fees.

  • Think twice before agreeing to be financially linked to those with bad credit.

  • Disassociate yourself from previous financial partners by closing joint accounts, mortgages and more.

  • Use calendar reminders to stay on top on your finances so you don’t miss a payment.

  • Pay off your debt with your savings if you have any, as this will save you interest.

  • Be frugal, and live within your means so you’re more likely to borrow less.

  • Check your credit report for mistakes, and contact the credit reference agency directly to fix any you find.

  • Protect yourself from scams as falling victim to one can cause unfair damage to your credit score.

All of these tips are detailed further in the Ocean Finance online guide here, which also debunks some credit score myths and allows you to test your credit wisdom.