Compare Criteria Policy For Loan Companys
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When you make an application for a loan or credit of any sort, whether it is a credit card or store card, a loan or a mortgage, for example, you will have to go through a credit check by the loan company that you are applying to for credit.
A credit check is a means for a financial organisation to look at your financial history, past and present, issues such as whether you take care of your debts on time, make late payments, or have missed payments. A credit check also indicates any outstanding debts and any history of County Court Judgements (CCJ's) and other defaults.
This then gives the creditor a profile of what type of risk you will be if they determine to lend you money - and what the likelihood is of getting the money they've lent you back! After all, there is no one who wishes to offer a loan to someone who won't pay it back on time or not at all! This checking process is called credit scoring.
There are a few bodies who compile this information concerning you - the two main ones are Experian and Equifax.
In the event you are making a decision about taking out any kind of credit, ask for a copy of your credit file first. This will allow you to see if all the information on it is accurate and challenge anything that is questionable. For example, just a single item of wrong information - say your credit report mentions an unpaid debt that was covered - might be the determining factor for being granted credit - or not.
To obtain a copy of your credit file you have to approach a credit record agency. You will have to pay a small fee (approximately £2) and a copy will be sent to you for your perusal.
Verify that your credit record shows you on the electoral roll - if this is not the case, this will have a negative impact on your credit score. Also, financial 'associations' - where perhaps someone who is living with you or who lived at your address before has an unacceptable credit score - will influence your likelihood of getting any credit.
If you come across any detail that is incorrect on your credit record, inform, in writing, the company who has given wrong details concerning you, and deliver a copy to the credit reference agency as well.
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