Find The Best Loan For Me
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When you fill out an application for any sort of credit, whether it's a bank credit card or store card, a mortgage or a loan, for instance, you will be subjected to a credit check by the lender that you are approaching for credit.
A credit check is a method that allows a loan company to look at your financial history, past and present, issues such as whether you service your debts on time, are late with payments, or have not made payments. A credit check also presents additional outstanding debts and any history of County Court Judgements (CCJ's) and other lapses.
This then gives the creditor details of what type of financial risk you will be should they decide to give you credit - and what the likelihood is of getting their money back! Naturally, there is no one who is willing to lend money to someone who doesn't make payments on time or doesn't pay at all! This checking procedure is referred to as credit scoring.
There are some agencies who store this data about you - the two main ones are Experian and Equifax.
If you are thinking about taking out a loan, request a copy of your credit file first. This will give you an opportunity to determine if all the information on it is right and query anything that is questionable. As an example, only a tiny bit of incorrect information - maybe your file shows an unpaid debt that has been dealt with - could be the key factor in being approved for a mortgage or loan - or not.
To get hold of your file you can contact one of the credit reference agencies. You will have to pay a small amount (about £2) and they will send you a copy for your perusal.
Verify that your record shows you on the electoral roll - if you are not on it, this will have an adverse influence on your score. Also, financial 'associations' - where maybe someone else who lives with you or who lived at your address before has a poor credit score - will have an influence on your chances of getting credit.
If you notice anything that is false on your credit file, get in touch, in writing, with the organisation who has presented wrong data about you, and deliver a copy to the credit record agency too.
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