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When you make a request for a loan or credit of any sort, whether it is a credit or store card, a loan or a mortgage, for instance, you will be subjected to a credit check by the company through whom you are seeking credit.
A credit check is a tool for a financial organisation to examine your past and present financial history, including whether you pay off your debts on time, make overdue payments, or have failed to make payments. A credit check also presents any outstanding amounts and any history of County Court Judgements (CCJ's) and other defaults.
This therefore gives the loan company a profile of what sort of financial risk you will be should they decide to lend to you - and what the chances are of getting the money back! In the end, no one desires to give money to someone who doesn't make payments on time or defaults on it entirely! This checking practice is referred to as credit rating.
There are several agencies who hold this data concerning you - the two main ones are Equifax and Experian.
If you are thinking about taking out a loan, obtain a copy of your credit file first. This is for you to check that all the information included in it is right and query anything that looks out of place. For instance, even only a little bit of incorrect information - maybe your file mentions an unpaid debt that was covered - could mean the difference between getting approved for credit - or not.
In order to obtain a copy of your credit record you can make contact with a credit record agency. You will be required to pay a small amount (about £2) and you will be sent a copy for you to look through.
Verify that your credit record shows you on the electoral roll - if not, this will have a damaging effect on your credit rating. Also, financial 'associations' - where possibly another person who lives with you or lived at your address at one time has a poor credit score - will have an influence on your capacity to get any credit.
If you notice anything that is false on your credit file, report it, in writing, to the company who has put down wrong details concerning you, and send out a copy to the credit reference agency too.
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