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When you apply for a loan or credit of any sort, whether it is a credit or store card, a loan or a mortgage, for example, you will be subjected to a credit check by the loan company that you are asking for credit.
A credit check allows a loan company to see your past and current financial history, issues such as whether you meet your financial obligations on time, make late payments, or have neglected payments. A credit check also presents additional unsettled debts and any records of County Court Judgements (CCJ's) and other defaults.
This then gives the creditor a picture of what level of risk you present if they determine to offer you a loan - and what the likelihood is of getting their money back! After all, no lender wishes to lend money to someone who pays it back late or doesn't pay at all! This checking procedure is known as credit scoring.
There are some organisations who store this financial information - the major ones are Experian and Equifax.
In the event you are thinking about borrowing money, request a copy of the credit report first of all. This is for you to see if all of your information on it is right and query anything that is questionable. For instance, just a little bit of incorrect information - say your file mentions an unsettled debt that was covered - could significantly impact you being approved for a mortgage or loan - or not.
In order to get a copy of your record you will need to make contact with a credit reference agency. You will be required to pay a small fee (somewhere around £2) and they will send you a copy for your perusal.
Ensure that your record records you on the electoral roll - if you are not there, this will have a negative effect on your credit score. Also, financial 'associations' - where perhaps a person who lives with you or previously lived at your address has a weak credit score - will have an impact on your likelihood of getting any credit.
If you find anything that is false on your credit record, get in touch, in writing, with the organisation who has put down incorrect details regarding you, and forward a copy to the credit record agency too.
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