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When you make an application for any credit, whether it's a store card or credit card, a mortgage or a loan, for instance, you will undergo a credit check by the creditor that you are approaching for credit.
A credit check helps a financial organisation to look at your previous and present financial history, issues such as whether you settle your financial obligations on time, are late with payments, or have failed to make payments. A credit check also includes other unresolved debts and any County Court Judgements (CCJ's) and additional failures.
This then gives the loan company an idea of what level of risk you present if they determine to give you a loan - and the probability of getting the loan money back! After all, nobody is willing to offer a loan to someone who doesn't make payments on time or not at all! This checking system is referred to as credit scoring.
There is a number of organisations who hold this data about you - the most widely known are Equifax and Experian.
Should you be making a decision about taking out credit, obtain a copy of the credit report first of all. This is so that you can determine if all of your information within it is correct and point out anything that is inaccurate. As an example, just a small piece of mistaken information - maybe your file shows an outstanding debt that has been settled - could mean the difference between being offered some kind of credit - or not.
For a copy of your file you will need to get in touch with a credit record agency. They will charge you a small fee (somewhere around £2) and a copy will be sent to you for you to look through.
Make sure that your record shows you on the electoral roll - if not, this will have an adverse consequence for your score. Also, financial 'associations' - where perhaps another person who is living with you or has lived at your address previously has a weak credit rating - will have an impact on your chances of getting credit.
If you uncover data that is incorrect on your file, report it, in writing, to the organisation who has listed faulty data about you, and send a copy to the credit record agency as well.
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