Banks That Offer Debt Consolidation Loans
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When you apply for a loan or credit of any sort, whether it's a bank credit card or store card, a mortgage or a loan, for instance, you will have to go through a credit check by the loan provider that you are asking for credit.
A credit check is a method that allows a loan provider to view your previous and present financial history, including whether you take care of your debts on time, make late payments, or have missed payments. A credit check also presents other outstanding amounts and any records of County Court Judgements (CCJ's) and other defaults.
This then offers the company details of how much risk you will be if they choose to offer you a loan - and the probability of getting the money they've lent you back! Of course, there is no one who wants to lend money to someone who pays it back late or doesn't pay at all! This checking practice is termed credit rating.
There are a few bodies who keep this information about you - the two main ones are Experian and Equifax.
If you are making a decision about borrowing money, get a copy of your credit file beforehand. This will enable you to determine if all the data within it is accurate and challenge anything that looks wrong. For instance, just a single item of wrong information - say your credit report notes an unsettled 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 have to contact one of the credit reference agencies. You will have to pay a small amount (approximately £2) and a copy will be sent to you for your perusal.
Make sure that your credit file has you on the electoral roll - if you are not there, this will have a negative consequence for your credit score. Also, financial 'associations' - where possibly someone who lives with you or who lived at your address before has a poor credit score - will have an impact on the probability of getting credit.
If you spot data that is false on your credit file, report it, in writing, to the company who has listed incorrect details concerning you, and deliver a copy to the credit reference agency too.
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