Education Loan Company Sell Loan History
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When you make an application for any sort of 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 company that you are asking for credit.
A credit check is a tool for a loan provider to examine your past and current financial history, which includes whether you settle your debts on time, are late in making payments, or have failed to make payments. A credit check also indicates additional unresolved debts and any County Court Judgements (CCJ's) and additional failures.
This offers the creditor details of what degree of risk you will be if they determine to lend to you - and what the chances are of getting the loan paid back! Of course, nobody is keen to lend to someone who pays it back late or not at all! This checking system is termed credit rating.
There is a number of organisations who have this financial information - the major ones are Experian and Equifax.
If you are in the process of considering taking out any kind of credit, get hold of a copy of the credit report beforehand. This is for you to check that all the information included in it is accurate and challenge anything that is questionable. For instance, even only a little bit of incorrect information - maybe your report mentions an unpaid debt that has been dealt with - could significantly impact you being approved for a mortgage or loan - or not.
To get a copy of your file you can go through a credit record agency. You will be charged a small fee (around £2) and you will be sent a copy for you to assess.
Confirm that your record includes you on the electoral roll - if not, this will have a detrimental effect on your credit score. Also, financial 'associations' - where maybe someone who is living with you or has lived at your address previously has a weak credit rating - will influence your capacity to get any credit.
If you see data that is wrong on your record, inform, in writing, the organisation who has put down wrong data concerning you, and send a copy to the credit record agency as well.
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