Approve Secure Loans
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When you attempt to get a loan or credit of any sort, whether it's a store card or credit card, a loan or a mortgage, for example, it will be necessary for you to undergo a credit check by the lender that you are approaching for credit.
A credit check helps a potential creditor to examine your past and current financial history, issues such as whether you pay off your debts on time, are late in making payments, or have neglected payments. A credit check also indicates other outstanding debts and any history of County Court Judgements (CCJ's) and other defaults.
This then offers the loan company a report of what degree of risk you will be if they determine to lend to you - and what the likelihood is of getting the money back! Of course, no one wishes to lend to someone who doesn't make payments on time or defaults on it entirely! This checking process is termed credit scoring.
There are a few agencies who compile this data about you - the two main ones are Experian and Equifax.
Should you be making a decision about applying for credit, get a copy of your credit file first of all. This means that you can determine if all of your information included in it is accurate and challenge anything that is inaccurate. For instance, even just one bit of mistaken information - say your file indicates an unresolved debt that has been settled - could mean the difference between being offered a mortgage or loan - or not.
To get hold of your credit record you must make contact with one of the credit record agencies. You will be required to pay a small amount (somewhere around £2) and a copy will be sent to you for you to assess.
Ensure that your file shows you on the electoral roll - if this is not the case, this will have a damaging impact on your credit rating. Also, financial 'associations' - where perhaps someone else who lives with you or lived at your address at one time has an unacceptable credit rating - will affect your ability to get any credit.
If you find anything that is not correct on your record, contact, in writing, the organisation who has put down inaccurate information about you, and forward a copy to the credit record agency as well.
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