Home Secured Loans
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When you make an application for any sort of credit, whether it's a store card or credit card, a loan or a mortgage, for example, you will undergo a credit check by the lender that you are applying to for credit.
A credit check allows a financial organisation to examine your past and current financial history, issues such as whether you meet your financial obligations on time, make late payments, or have not made payments. A credit check also includes any unsettled debts and any history of County Court Judgements (CCJ's) and other defaults.
This offers the loan company details of what sort of risk you will be if they choose to lend to you - and what the chances are of getting the money they've lent you back! Naturally, no one is keen to offer a loan to someone who won't pay it back on time or defaults on it entirely! This checking process is termed credit scoring.
There are some agencies who compile this data concerning you - the major ones are Experian and Equifax.
If you are in the process of making a decision about taking out a loan, obtain a copy of your credit file first. This will give you an opportunity to determine if all the data on it is right and question anything that is questionable. For instance, even only a little bit of erroneous information - say your report records an outstanding debt that has been settled - might be the determining factor for being granted credit - or not.
In order to get a copy of your record you will need to contact a credit record agency. You will be charged a small fee (somewhere around £2) and they will send you a copy for you to assess.
Ensure that your credit file has you on the electoral roll - if this is not the case, this will have a negative effect on your score. Also, financial 'associations' - where maybe another person who lives with you or has lived at your address previously has a weak credit score - will have an influence on the probability of getting any credit.
If you uncover information that is wrong on your record, inform, in writing, the organisation who has listed inaccurate details regarding you, and send a copy to the credit record agency as well.
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