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When you make an application for any kind of credit, whether it's a bank credit card or store card, a mortgage or a loan, for example, you will have to go through a credit check by the loan company through whom you are seeking credit.
A credit check is a tool for a potential creditor to evaluate your past and present financial history, including whether you settle your debts on time, make overdue payments, or have neglected payments. A credit check also presents any unpaid debts and also any County Court Judgements (CCJ's) and other lapses.
This then gives the lender details of what kind of risk you present should they decide to lend you money - and what the likelihood is of getting the money they've lent you back! In the end, there is no one who desires to lend money to someone who won't pay it back on time or not at all! This checking practice is termed credit rating.
There are a few organisations who have this data about you - the major ones are Equifax and Experian.
If you are thinking about borrowing money, obtain a copy of your credit file before anything else. This will enable you to confirm that all the data within it is accurate and challenge anything that is inaccurate. For example, just a small piece of erroneous information - say your report records an unsettled debt that was covered - might be the determining factor for getting accepted for a mortgage or loan - or not.
For a copy of your file you must contact a credit record agency. You will have to pay a small fee (around £2) and a copy will be sent to you for your perusal.
Make sure that your credit record has you on the electoral roll - if not, this will have a harmful influence on your credit score. Also, financial 'associations' - where maybe someone who is living with you or who lived at your address before has a weak credit score - will have an influence on your likelihood of getting any credit.
If you notice data that is false on your credit file, get in touch, in writing, with the organisation who has given wrong information concerning you, and send out a copy to the credit record agency as well.
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