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When you attempt to get any 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 loan provider that you are asking for credit.
A credit check is a tool for a lender to view your financial history, past and present, which includes whether you service your debts on time, make late payments, or have failed to make payments. A credit check also reveals any outstanding amounts and any history of County Court Judgements (CCJ's) and additional defaults.
This therefore gives the loan company a picture of what kind of financial risk you will be if they determine to offer you a loan - and what chances they have of getting the loan money back! After all, nobody wants to offer money to someone who pays it back late or not at all! This checking practice is called credit rating.
There are a few bodies who compile this financial information - the two main ones are Equifax and Experian.
When you are thinking about taking out any kind of credit, get hold of a copy of the credit report first. This will allow you to check that all the information on it is correct and point out anything that is not right. For example, just a little bit of erroneous information - say your credit report mentions an unpaid debt that has been paid - could significantly impact you getting accepted for a mortgage or loan - or not.
To get a copy of your record you must get in touch with a credit reference agency. It will cost you a small fee (approximately £2) and you will be sent a copy for you to look at.
Ensure that your credit file records you on the electoral roll - if this is not so, this will have a negative effect on your score. Also, financial 'associations' - where perhaps a person who lives with you or lived at your address at one time has a poor credit score - will influence your ability to get credit.
If you uncover information that is wrong on your credit file, make contact, in writing, with the company who has presented wrong information concerning you, and forward a copy to the credit record agency too.
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