Guaranteed Loan Secured
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When you attempt to get credit, whether it is a credit card or store card, a loan or a mortgage, for example, you will undergo a credit check by the loan company that you are applying to for credit.
A credit check is a means for a lender to view your financial history, past and present, which includes whether you take care of your debts on time, make late payments, or have neglected payments. A credit check also presents additional unpaid debts and also any County Court Judgements (CCJ's) and other defaults.
This then offers the loan company a profile of what sort of risk you present if they decide to give you a loan - and what the chances are of getting the loan paid back! In the end, no company is keen to lend to someone who pays it back late or defaults on it entirely! This checking process is referred to as credit scoring.
There are a few bodies who keep this data concerning you - the two main ones are Experian and Equifax.
Should you be considering borrowing money, request a copy of your credit file first of all. This is for you to check that all the information within it is correct and query anything that is not right. As an example, even just one bit of wrong information - maybe your report notes an unresolved debt that has been paid - could be the key factor in being approved for credit - or not.
In order to obtain a copy of your credit record you must go through a credit record agency. They will charge you a small amount (around £2) and they will send you a copy for you to assess.
Confirm that your credit record has you on the electoral roll - if you are not on it, this will have a harmful consequence for your score. Also, financial 'associations' - where maybe someone who is living with you or previously lived at your address has a poor credit score - will affect your chances of getting credit.
If you see any detail that is false on your file, inform, in writing, the organisation who has given faulty information about you, and send a copy to the credit record agency as well.
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