Apply For A Loan Online
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When you make an application for any kind of credit, whether it is a credit card or store card, a loan or a mortgage, for instance, you will have to go through a credit check by the loan provider that you are applying to for credit.
A credit check is a means for a loan provider to see your previous and present financial history, issues such as whether you meet your financial obligations on time, are late in making payments, or have not made payments. A credit check also presents other unpaid debts and any County Court Judgements (CCJ's) and additional defaults.
Consequently this offers the lender a profile of what kind of financial risk you present should they choose to give you credit - and the probability of getting their money back! In the end, no company wishes to lend to someone who doesn't make payments on time or doesn't pay at all! This checking practice is known as credit rating.
There are several organisations who hold this data concerning you - the most widely known are Experian and Equifax.
When you are thinking about applying for credit, get a copy of your credit file before anything else. This will give you an opportunity to see if all the data in it is accurate and challenge anything that is inaccurate. For instance, just a small piece of distorted information - say your credit report notes an outstanding debt that has been paid - could be the key factor in getting approved for some kind of credit - or not.
To get a copy of your record you can make contact with a credit reference agency. They will charge you a small fee (around £2) and you will be sent a copy for your perusal.
Confirm that your credit record includes you on the electoral roll - if you are not on it, this will have a damaging impact on your credit rating. Also, financial 'associations' - where possibly someone who is living with you or who lived at your address before has a poor credit score - will have an influence on your ability to get any credit.
If you notice information that is not correct on your credit file, contact, in writing, the company who has included incorrect details regarding you, and send a copy to the credit record agency too.
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