25000 Consolidation Loan
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When you attempt to get any kind of credit, whether it's a store card or credit card, a loan or a mortgage, for instance, you will have to go through a credit check by the lender from whom you are requesting credit.
A credit check is a method that allows a potential creditor to see your past and current financial history, issues such as whether you take care of your debts on time, are late in making payments, or have neglected payments. A credit check also shows other outstanding amounts and any records of County Court Judgements (CCJ's) and additional failures.
This therefore offers the lender a picture of how much risk you present if they determine to give you credit - and the probability of getting the loan money back! In the end, there is no one who is keen to give money to someone who doesn't make payments on time or defaults on it entirely! This checking system is termed credit rating.
There are some agencies who store this data about you - the major ones are Equifax and Experian.
If you are in the process of considering taking out a loan, request a copy of the credit report first. This will give you an opportunity to examine if all of your information in it is right and question anything that looks out of place. For example, even only a little bit of distorted information - say your report mentions an existing debt that has been dealt with - might be the determining factor for getting accepted for credit - or not.
To get hold of your credit file you have to go through a credit reference agency. You will be charged a small amount (around £2) and they will send you a copy for you to look through.
Verify that your credit record has you on the electoral roll - if this is not so, this will have a damaging influence on your credit rating. Also, financial 'associations' - where perhaps another person who is living with you or has lived at your address previously has a low credit score - will affect your likelihood of getting any credit.
If you come across anything that is not correct on your record, report it, in writing, to the company who has put down incorrect information concerning you, and deliver a copy to the credit record agency as well.
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