Consumer Association Secure Loans
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When you attempt to get credit, whether it's a store card or credit card, a loan or a mortgage, for instance, you will be subjected to a credit check by the loan company that you are asking for credit.
A credit check is a tool for a loan company to investigate your previous and present financial history, issues such as whether you service your debts on time, make late payments, or have not made payments. A credit check also indicates additional outstanding debts and any records of County Court Judgements (CCJ's) and additional failures.
Consequently this gives the lender a report of what kind of risk you present if they decide to give you credit - and the probability of getting the loan paid back! In the end, no one desires to lend money to someone who won't pay it back on time or not at all! This checking procedure is known as credit rating.
There are a few agencies who have this data about you - the two principle ones are Equifax and Experian.
When you are considering taking out credit, get a copy of the credit report before anything else. This is so that you can confirm that all the data showing on it is correct and challenge anything that is inaccurate. For instance, only a tiny bit of distorted information - maybe your file mentions an unresolved debt that was paid - could be the difference between being granted some kind of credit - or not.
For a copy of your credit file you will need to make contact with a credit record agency. You will be required to pay a small amount (around £2) and you will be sent a copy for you to look at.
Check that your file shows you on the electoral roll - if this is not the case, this will have a detrimental consequence for your credit score. Also, financial 'associations' - where maybe someone who lives with you or who lived at your address before has a poor credit rating - will have an influence on your chances of getting credit.
If you come across data that is wrong on your record, inform, in writing, the company who has given faulty data concerning you, and send a copy to the credit record agency too.
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