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When you make a request for a loan or credit of any sort, whether it's a bank credit card or store card, a mortgage or a loan, for instance, you will have to go through a credit check by the creditor that you are asking for credit.
A credit check is a tool for a loan company to examine your previous and present financial history, including whether you meet your financial obligations on time, are late in making payments, or have not made payments. A credit check also presents additional unsettled debts and any County Court Judgements (CCJ's) and other defaults.
Consequently this offers the lender a report of how much financial risk you present if they determine to lend to you - and the probability of getting their money back! Of course, no company wants to lend money to someone who pays it back late or doesn't pay at all! This checking practice is called credit rating.
There are some organisations who have this information concerning you - the best known are Experian and Equifax.
When you are making a decision about taking out any kind of credit, get hold of a copy of your credit file first of all. This means that you can determine if all the information on it is correct and question anything that is not right. For instance, even just one bit of distorted information - say your credit file indicates an unresolved debt that was covered - could be the difference between getting approved for a mortgage or loan - or not.
In order to obtain a copy of your file you will need to contact a credit reference agency. You will have to pay a small amount (around £2) and a copy will be sent to you for your perusal.
Make sure that your credit file records you on the electoral roll - if you are not on it, this will have a detrimental consequence for your credit rating. Also, financial 'associations' - where maybe another person who is living with you or lived at your address at one time has an inadequate credit score - will have an influence on your ability to get any credit.
If you find data that is false on your file, make contact, in writing, with the organisation who has presented inaccurate information concerning you, and deliver a copy to the credit record agency too.
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