Billing Consolidation Loans
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When you apply for any credit, whether it's a bank credit card or store card, a loan or a mortgage, for example, you will be subjected to a credit check by the loan provider from whom you are requesting credit.
A credit check helps a loan company to view your financial history, past and present, issues such as whether you settle your financial obligations on time, make overdue payments, or have neglected payments. A credit check also includes other unresolved debts and any records of County Court Judgements (CCJ's) and other lapses.
Consequently this offers the company details of what sort of risk you present if they decide to give you a loan - and what chances they have of getting the loan paid back! Naturally, no company is willing to lend to someone who doesn't make payments on time or defaults on it entirely! This checking procedure is referred to as credit scoring.
There are several bodies who compile this financial information - the major ones are Equifax and Experian.
In the event you are thinking about taking out a loan, obtain a copy of the credit report first of all. This will allow you to determine if all the data within it is accurate and query anything that is not right. As an example, even only a little bit of mistaken information - say your file indicates an unresolved debt that has been paid - could be the key factor in being granted credit - or not.
In order to get a copy of your record you have to contact a credit record agency. You will have to pay a small fee (approximately £2) and they will send you a copy for you to assess.
Make sure that your credit record has you on the electoral roll - if you are not on it, this will have a harmful consequence for your credit score. Also, financial 'associations' - where perhaps another person who lives with you or lived at your address at one time has a weak credit score - will have an influence on your chances of getting credit.
If you uncover data that is not correct on your record, report it, in writing, to the organisation who has listed inaccurate details concerning you, and forward a copy to the credit reference agency as well.
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