Best UK Secured Loans
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When you apply for a loan or credit of any sort, whether it's a store card or credit card, a loan or a mortgage, for instance, it will be necessary for you to undergo a credit check by the company from whom you are requesting credit.
A credit check is a way for a loan provider to investigate your previous and present financial history, which includes whether you take care of your debts on time, are late with payments, or have missed payments. A credit check also includes other unsettled debts and any records of County Court Judgements (CCJ's) and additional defaults.
This therefore gives the company an idea of what level of risk you present if they choose to offer you a loan - and what the likelihood is of getting the money they've lent you back! After all, nobody wishes to lend to someone who won't pay it back on time or doesn't pay at all! This checking procedure is referred to as credit rating.
There is a number of bodies who store this financial information - the best known are Experian and Equifax.
Should you be considering applying for credit, get hold of a copy of your credit file first of all. This will allow you to determine if all of your information included in it is correct and challenge anything that is questionable. As an example, just a little bit of distorted information - say your credit report notes an existing debt that has been dealt with - could significantly impact you getting accepted for a loan or mortgage - or not.
To obtain a copy of your credit file you will need to contact one of the credit reference agencies. You will have to pay a small fee (somewhere around £2) and they will send you a copy for you to look at.
Make sure that your credit record includes you on the electoral roll - if this is not so, this will have a detrimental effect on your score. Also, financial 'associations' - where perhaps someone else who lives with you or lived at your address at one time has an unacceptable credit score - will affect your ability to get any credit.
If you uncover any detail that is wrong on your file, report it, in writing, to the organisation who has presented incorrect data regarding you, and send out a copy to the credit record agency as well.
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