Compare Secure Loans
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When you make an application for a loan or credit of any sort, whether it is a credit or store card, a mortgage or a loan, for example, you will be subjected to a credit check by the lender through whom you are seeking credit.
A credit check is a tool for a lender to investigate your past and present financial history, including whether you settle your financial obligations on time, make overdue payments, or have missed payments. A credit check also indicates any outstanding debts and any history of County Court Judgements (CCJ's) and other lapses.
This then gives the loan company an idea of what type of risk you present should they choose to give you a loan - and the probability of getting the money back! Of course, no company is keen to give money to someone who pays it back late or doesn't pay at all! This checking process is termed credit scoring.
There is a number of organisations who keep this financial information - the two principle ones are Experian and Equifax.
Should you be making a decision about taking out any kind of credit, obtain a copy of the credit report before anything else. This is for you to check that all the data included in it is right and point out anything that looks wrong. For instance, just a single item of distorted information - say your credit report mentions an unresolved debt that was covered - could be the key factor in being granted some kind of credit - or not.
In order to get a copy of your file you will need to approach one of the credit record agencies. They will charge you a small fee (about £2) and you will be sent a copy for you to look through.
Ensure that your credit file records you on the electoral roll - if this is not so, this will have a detrimental influence on your score. Also, financial 'associations' - where possibly someone else who is living with you or previously lived at your address has an unacceptable credit rating - will have an impact on your capacity to get any credit.
If you see data that is wrong on your credit file, inform, in writing, the organisation who has included incorrect details regarding you, and send out a copy to the credit record agency as well.
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