Car Loan Comparison Calculator
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When you make a request for a loan or credit of any sort, whether it's a store card or credit card, a mortgage or a loan, for instance, you will undergo a credit check by the creditor that you are applying to for credit.
A credit check is a method that allows a financial organisation to look at your previous and present financial history, issues such as whether you settle your debts on time, make late payments, or have not made payments. A credit check also presents other outstanding debts and also any County Court Judgements (CCJ's) and other defaults.
This then gives the loan company a report of what type of financial risk you will be if they determine to give you a loan - and what the likelihood is of getting the money they've lent you back! Of course, there is no one who wants to give money to someone who pays it back late or doesn't pay at all! This checking procedure is known as credit rating.
There are some organisations who have this information about you - the best known are Equifax and Experian.
When you are thinking about taking out any kind of credit, obtain a copy of your credit file beforehand. This will allow you to check that all the information in it is accurate and challenge anything that is inaccurate. As an example, just a single item of erroneous information - maybe your report records an existing debt that has been settled - could mean the difference between being offered some kind of credit - or not.
In order to get a copy of your credit file you must make contact with a credit reference agency. You will have to pay a small amount (around £2) and you will be sent a copy for you to assess.
Confirm that your credit file includes you on the electoral roll - if not, this will have a detrimental effect on your score. Also, financial 'associations' - where perhaps someone who is living with you or previously lived at your address has a weak credit score - will affect your ability to get any credit.
If you uncover data that is not correct on your file, report it, in writing, to the company who has presented inaccurate information regarding you, and send out a copy to the credit record agency as well.
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