Instant Online Desision On A Loan
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When you fill out an application for any credit, whether it is a credit or store card, a loan or a mortgage, for example, you will have to go through a credit check by the loan provider that you are asking for credit.
A credit check is a way for a loan provider to see your previous and present financial history, issues such as whether you settle your debts on time, make late payments, or have missed payments. A credit check also reveals other unpaid debts and also any County Court Judgements (CCJ's) and other defaults.
This then gives the lender a profile of what degree of risk you will be should they choose to offer you a loan - and what chances they have of getting the money they've lent you back! Naturally, no company is keen to lend money to someone who pays it back late or not at all! This checking process is termed credit rating.
There are a few organisations who hold this information about you - the major ones are Equifax and Experian.
If you are considering borrowing money, obtain a copy of your credit file first of all. This will enable you to confirm that all of your information on it is right and question anything that is not right. As an example, just a little bit of erroneous information - maybe your file indicates an outstanding debt that was covered - could sway the decision for being approved for a mortgage or loan - or not.
In order to obtain a copy of your file you can get in touch with one of the credit record agencies. It will cost you a small amount (about £2) and a copy will be sent to you for you to look through.
Verify that your credit record has you on the electoral roll - if not, this will have an adverse impact on your credit score. Also, financial 'associations' - where perhaps someone who lives with you or previously lived at your address has an unacceptable credit rating - will influence your ability to get credit.
If you find any detail that is not correct on your credit record, report it, in writing, to the company who has presented incorrect data about you, and forward a copy to the credit record agency as well.
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