Debt Consolidation Loans Personel
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When you make a request for credit, whether it is a credit or store card, a mortgage or a loan, for instance, you will undergo a credit check by the company that you are asking for credit.
A credit check is a method that allows a financial organisation to view your past and present financial history, including whether you pay off your debts on time, make overdue payments, or have missed payments. A credit check also presents other unsettled debts and any history of County Court Judgements (CCJ's) and other lapses.
This then gives the loan company details of what sort of financial risk you present should they choose to lend to you - and what the likelihood is of getting their money back! In the end, nobody wants to give money to someone who pays it back late or not at all! This checking procedure is known as credit scoring.
There are some organisations who compile this data about you - the two main ones are Experian and Equifax.
If you are making a decision about borrowing money, request a copy of your credit file first of all. This is so that you can check that all of your information within it is correct and point out anything that is inaccurate. For example, even just one bit of erroneous information - say your credit report records an existing debt that has been paid - could significantly impact you being offered a loan or mortgage - or not.
To get hold of your credit record you must approach a credit record agency. You will be charged a small amount (somewhere around £2) and they will send you a copy for you to look at.
Verify that your file shows you on the electoral roll - if not, this will have a detrimental effect on your score. Also, financial 'associations' - where perhaps someone else who lives with you or lived at your address at one time has an unacceptable credit score - will affect your likelihood of getting any credit.
If you see anything that is false on your credit file, get in touch, in writing, with the company who has listed faulty data regarding you, and send out a copy to the credit record agency too.
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