Applying For A Loan While Seeking Employment
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When you make an application for any sort of credit, whether it's a bank credit card or store card, a loan or a mortgage, for example, it will be necessary for you to undergo a credit check by the loan provider that you are applying to for credit.
A credit check helps a lender to look at your past and present financial history, including whether you meet your financial obligations on time, are late in making payments, or have failed to make payments. A credit check also presents additional unpaid debts and any history of County Court Judgements (CCJ's) and additional defaults.
This offers the loan company a picture of how much risk you will be should they choose to lend you money - and the probability of getting the loan money back! In the end, no lender wishes to offer a loan to someone who doesn't make payments on time or not at all! This checking practice is known as credit scoring.
There are several agencies who keep this data about you - the best known are Experian and Equifax.
If you are in the process of thinking about taking out any kind of credit, obtain a copy of your credit file first. This will enable you to examine if all the data in it is accurate and challenge anything that is questionable. For instance, just a small piece of erroneous information - say your report shows an outstanding debt that was covered - could mean the difference between getting approved for a mortgage or loan - or not.
For a copy of your credit file you have to make contact with one of the credit reference agencies. They will charge you a small fee (approximately £2) and a copy will be sent to you for you to assess.
Confirm that your file has you on the electoral roll - if you are not on it, this will have a harmful consequence for your credit score. Also, financial 'associations' - where possibly another person who lives with you or who lived at your address before has a low credit score - will have an influence on your ability to get credit.
If you see any detail that is wrong on your credit record, get in touch, in writing, with the company who has put down faulty data about you, and deliver a copy to the credit record agency as well.
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