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When you make a request for any sort of credit, whether it is a credit card or store card, a mortgage or a loan, for example, it will be necessary for you to undergo a credit check by the loan company through whom you are seeking credit.
A credit check is a way for a potential creditor to examine your past and present financial history, including whether you meet your financial obligations on time, are late with payments, or have neglected payments. A credit check also includes additional unpaid debts and also any County Court Judgements (CCJ's) and additional failures.
This therefore gives the loan provider details of what sort of risk you present should they decide to offer you a loan - and what chances they have of getting their money back! Naturally, no company desires to lend to someone who doesn't make payments on time or doesn't pay at all! This checking practice is referred to as credit rating.
There are a few bodies who store this information concerning you - the major ones are Equifax and Experian.
If you are thinking about taking out any kind of credit, request a copy of the credit report beforehand. This will enable you to examine if all of your information included in it is accurate and point out anything that is not right. As an example, just a little bit of distorted information - say your credit report records an outstanding debt that has been dealt with - could be the key factor in getting accepted for a loan or mortgage - or not.
To obtain a copy of your credit file you must approach one of the credit reference agencies. You will have to pay a small amount (somewhere around £2) and they will send you a copy for you to look at.
Verify that your file records you on the electoral roll - if you are not on it, this will have a negative impact on your credit score. Also, financial 'associations' - where maybe someone who lives with you or has lived at your address previously has a low credit score - will influence your likelihood of getting credit.
If you find data that is incorrect on your credit record, report it, in writing, to the company who has presented wrong information concerning you, and forward a copy to the credit record agency as well.
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