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When you make an application for any sort of credit, whether it is a credit or store card, a mortgage or a loan, for instance, it will be necessary for you to undergo a credit check by the company through whom you are seeking credit.
A credit check is a tool for a loan company to look at your previous and present financial history, issues such as whether you service your debts on time, make late payments, or have neglected payments. A credit check also includes additional unsettled debts and also any County Court Judgements (CCJ's) and other lapses.
This then offers the loan company a picture of what degree of risk you present should they choose to lend you money - and the probability of getting the money they've lent you back! In the end, no lender is keen to lend money to someone who won't pay it back on time or not at all! This checking practice is known as credit scoring.
There are some bodies who hold this financial information - the best known are Equifax and Experian.
Should you be considering taking out credit, get hold of a copy of your credit file first of all. This is for you to confirm that all of your information in it is accurate and point out anything that looks out of place. As an example, only a tiny bit of incorrect information - say your credit report indicates an unpaid debt that has been paid - might be the determining factor for being offered a mortgage or loan - or not.
In order to obtain a copy of your credit record you must contact one of the credit reference agencies. You will be charged a small amount (about £2) and they will send you a copy for your perusal.
Check that your credit file shows you on the electoral roll - if you are not there, this will have a detrimental impact on your credit rating. Also, financial 'associations' - where maybe another person who lives with you or previously lived at your address has a weak credit score - will influence your likelihood of getting credit.
If you spot anything that is false on your record, contact, in writing, the organisation who has listed faulty details about you, and send out a copy to the credit reference agency too.
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