How Long For A Secured Loan
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When you apply for credit, whether it is a credit or store card, a loan or a mortgage, for instance, you will be subjected to a credit check by the loan company through whom you are seeking credit.
A credit check helps a potential creditor to examine your past and current financial history, including whether you take care of your debts on time, make overdue payments, or have not made payments. A credit check also presents any outstanding amounts and also any County Court Judgements (CCJ's) and other defaults.
This then gives the creditor a report of what degree of financial risk you present if they choose to give you credit - and the probability of getting the loan money back! In the end, no company wants to lend money to someone who pays it back late or doesn't pay at all! This checking practice is referred to as credit rating.
There are some organisations who keep this data concerning you - the major ones are Experian and Equifax.
Should you be making a decision about taking out credit, get hold of a copy of the credit report beforehand. This will give you an opportunity to confirm that all the data showing on it is accurate and query anything that looks wrong. As an example, just a single item of incorrect information - say your credit report indicates an outstanding debt that has been dealt with - could be the difference between being granted credit - or not.
In order to get a copy of your credit record you must get in touch with a credit reference agency. They will charge you a small amount (around £2) and a copy will be sent to you for you to assess.
Check that your credit file shows you on the electoral roll - if you are not on it, this will have a harmful impact on your credit rating. Also, financial 'associations' - where maybe someone who lives with you or previously lived at your address has a weak credit score - will influence your ability to get any credit.
If you notice information that is not correct on your file, make contact, in writing, with the company who has presented incorrect data regarding you, and send a copy to the credit reference agency as well.
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