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When you make an application for any kind of credit, whether it's a bank credit card or store card, a loan or a mortgage, for instance, you will be subjected to a credit check by the company that you are asking for credit.
A credit check is a tool for a loan provider to look at your previous and present financial history, including whether you settle your debts on time, make overdue payments, or have failed to make payments. A credit check also shows any unresolved debts and any history of County Court Judgements (CCJ's) and other lapses.
This therefore gives the lender a picture of what degree of financial risk you present if they choose to give you credit - and what the likelihood is of getting the loan money back! After all, there is no one who is willing to lend money to someone who won't pay it back on time or defaults on it entirely! This checking system is known as credit scoring.
There is a number of agencies who compile this data concerning you - the major ones are Equifax and Experian.
When you are thinking about taking out a loan, request a copy of the credit report first of all. This will enable you to check that all the data on it is correct and challenge anything that is inaccurate. For example, only a tiny bit of incorrect information - say your credit report mentions an unresolved debt that was covered - could be the difference between getting accepted for a mortgage or loan - or not.
To get a copy of your record you will need to go through a credit record agency. You will be required to pay a small amount (approximately £2) and they will send you a copy for you to look at.
Ensure that your record has you on the electoral roll - if you are not there, this will have a harmful effect on your credit score. Also, financial 'associations' - where perhaps someone who is living with you or lived at your address at one time has an inadequate credit rating - will affect your capacity to get credit.
If you notice information that is wrong on your credit file, inform, in writing, the company who has put down incorrect details concerning you, and forward a copy to the credit record agency as well.
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