Debt Consolidation Personal Loans High Debt To Income
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When you make a request for any kind of credit, whether it is a credit card or store card, a loan or a mortgage, for example, you will undergo a credit check by the loan company that you are applying to for credit.
A credit check is a tool for a lender to investigate your past and present financial history, which includes whether you pay off your debts on time, are late with payments, or have not made payments. A credit check also shows additional unresolved debts and any history of County Court Judgements (CCJ's) and other defaults.
Consequently this offers the creditor a profile of what kind of financial risk you present should they decide to lend to you - and what the likelihood is of getting the loan money back! Of course, there is no one who is willing to give money to someone who pays it back late or doesn't pay at all! This checking process is referred to as credit scoring.
There is a number of organisations who hold this information concerning you - the best known are Equifax and Experian.
If you are in the process of thinking about borrowing money, request a copy of the credit report first. This will enable you to examine if all of your information in it is correct and point out anything that looks out of place. For instance, just a little bit of incorrect information - maybe your file mentions an unsettled debt that was covered - could sway the decision for getting accepted for credit - or not.
To get hold of your credit file you must go through one of the credit record agencies. You will be required to pay a small fee (around £2) and you will be sent a copy for you to look at.
Ensure that your credit record has you on the electoral roll - if not, this will have a detrimental influence on your score. Also, financial 'associations' - where perhaps someone who lives with you or who lived at your address before has an inadequate credit rating - will have an influence on your capacity to get credit.
If you find data that is wrong on your file, get in touch, in writing, with the company who has given faulty information regarding you, and send out a copy to the credit record agency as well.
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