Immediate No Fee Loans UK
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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 creditor from whom you are requesting credit.
A credit check is a way for a lender to investigate your past and present financial history, issues such as whether you meet your financial obligations on time, are late in making payments, or have neglected payments. A credit check also indicates additional unsettled debts and any records of County Court Judgements (CCJ's) and other defaults.
This then gives the loan company a profile of how much financial risk you present should they decide to lend you money - and what chances they have of getting the money back! Naturally, no company is willing to offer money to someone who pays it back late or not at all! This checking system is referred to as credit rating.
There are some bodies who hold this data concerning you - the best known are Equifax and Experian.
If you are thinking about taking out credit, obtain a copy of the credit report before anything else. This will allow you to see if all of your information on it is accurate and question anything that is inaccurate. For example, just a single item of mistaken information - say your report indicates an outstanding debt that was covered - could sway the decision for being granted a loan or mortgage - or not.
For a copy of your record you have to make contact with one of the credit reference agencies. You will have to pay a small amount (somewhere around £2) and you will be sent a copy for you to look at.
Check that your file has you on the electoral roll - if not, this will have a detrimental influence on your score. Also, financial 'associations' - where perhaps a person who lives with you or previously lived at your address has a poor credit rating - will have an influence on your chances of getting credit.
If you see data that is wrong on your record, make contact, in writing, with the company who has included inaccurate data regarding you, and send a copy to the credit record agency as well.
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