Defaulting On Car Loans
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When you attempt to get any kind of credit, whether it is a credit card or store card, a mortgage or a loan, for instance, you will be subjected to a credit check by the creditor that you are applying to for credit.
A credit check allows a potential creditor to view your previous and present financial history, which includes whether you take care of your debts on time, make late payments, or have failed to make payments. A credit check also includes other outstanding debts and any history of County Court Judgements (CCJ's) and additional defaults.
This then offers the lender a report of how much financial risk you will be if they determine to give you credit - and the probability of getting their money back! After all, nobody wants to offer a loan to someone who pays it back late or not at all! This checking system is referred to as credit scoring.
There are several organisations who hold this data about you - the two principle ones are Experian and Equifax.
Should you be thinking about borrowing money, request a copy of your credit file first. This will give you an opportunity to examine if all the information in it is accurate and point out anything that is inaccurate. For example, only a tiny bit of mistaken information - say your credit report notes an unresolved debt that has been paid - could significantly impact you being granted a loan or mortgage - or not.
For a copy of your file you can get in touch with a credit reference agency. You will be required to pay a small amount (approximately £2) and a copy will be sent to you for you to assess.
Check that your credit record has you on the electoral roll - if you are not on it, this will have a detrimental effect on your score. Also, financial 'associations' - where maybe another person who lives with you or who lived at your address before has a poor credit score - will affect your capacity to get any credit.
If you come across anything that is incorrect on your credit file, get in touch, in writing, with the company who has included faulty data regarding you, and forward a copy to the credit record agency as well.
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