Best Deals On Consolidation Loans
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When you fill out an application for any sort of 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 company through whom you are seeking credit.
A credit check allows a lender to view your previous and present financial history, issues such as whether you settle your debts on time, make late payments, or have missed payments. A credit check also includes other unsettled debts and any history of County Court Judgements (CCJ's) and other lapses.
This therefore gives the company an idea of what type of risk you will be if they determine to give you credit - and what the chances are of getting their money back! Naturally, no company is keen to give money to someone who pays it back late or defaults on it entirely! This checking practice is known as credit rating.
There are a few organisations who hold this information about you - the two main ones are Experian and Equifax.
In the event you are making a decision about applying for credit, obtain a copy of the credit report first. This will give you an opportunity to confirm that all the information on it is correct and challenge anything that is questionable. For instance, just a little bit of mistaken information - say your credit report records an existing debt that was paid - could be the difference between getting approved for a mortgage or loan - or not.
To get a copy of your credit file you have to contact one of the credit reference agencies. You will be charged a small fee (approximately £2) and you will be sent a copy for you to assess.
Confirm that your credit record shows you on the electoral roll - if you are not on it, this will have a harmful influence on your credit score. Also, financial 'associations' - where maybe someone who lives with you or who lived at your address before has a poor credit rating - will affect your ability to get credit.
If you come across any detail that is wrong on your credit file, get in touch, in writing, with the organisation who has presented incorrect information regarding you, and deliver a copy to the credit reference agency as well.
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