Average Car Loan Interest Rates In Britain
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When you fill out an application for any credit, whether it is a credit or store card, a mortgage or a loan, for example, you will be subjected to a credit check by the loan provider through whom you are seeking credit.
A credit check helps a potential creditor to look at your past and current financial history, including whether you take care of your debts on time, are late in making payments, or have missed payments. A credit check also indicates additional unpaid debts and any history of County Court Judgements (CCJ's) and other lapses.
This then gives the lender a profile of what type of risk you present should they decide to give you credit - and the probability of getting the money back! Naturally, nobody is willing to lend to someone who pays it back late or not at all! This checking process is termed credit rating.
There are some organisations who store this financial information - the most widely known are Experian and Equifax.
Should you be making a decision about taking out any kind of credit, ask for a copy of your credit file beforehand. This will allow you to see if all the data included in it is correct and query anything that is not right. As an example, just a little bit of wrong information - say your credit file indicates an existing debt that has been paid - could mean the difference between being granted some kind of credit - or not.
To get a copy of your credit file you will need to get in touch with one of the credit record agencies. You will be charged a small amount (somewhere around £2) and you will be sent a copy for you to assess.
Confirm that your file shows you on the electoral roll - if you are not on it, this will have an adverse effect on your credit score. Also, financial 'associations' - where perhaps a person who is living with you or lived at your address at one time has a poor credit score - will influence your likelihood of getting any credit.
If you come across information that is false on your record, inform, in writing, the company who has presented inaccurate information about you, and deliver a copy to the credit record agency as well.
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