Can I Get A Loan
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When you apply for any sort of credit, whether it's a store card or credit card, a mortgage or a loan, for instance, it will be necessary for you to undergo a credit check by the creditor through whom you are seeking credit.
A credit check is a means for a loan company to evaluate your past and present financial history, including whether you settle your financial obligations on time, make late payments, or have failed to make payments. A credit check also shows any outstanding amounts and any County Court Judgements (CCJ's) and other lapses.
This therefore gives the loan company details of what sort of risk you present if they choose to lend you money - and what the likelihood is of getting the loan paid back! Of course, nobody is willing to offer a loan to someone who pays it back late or not at all! This checking system is called credit rating.
There are a few bodies who compile this data concerning you - the most widely known are Equifax and Experian.
If you are in the process of making a decision about taking out any kind of credit, request a copy of the credit report before anything else. This is for you to confirm that all the data in it is right and question anything that is not right. As an example, just a small piece of distorted information - say your credit report notes an unpaid debt that has been paid - could significantly impact you being granted some kind of credit - or not.
To obtain a copy of your record you will need to approach one of the credit reference agencies. You will be required to pay a small amount (around £2) and a copy will be sent to you for you to look at.
Verify that your record shows you on the electoral roll - if this is not so, this will have a harmful impact on your credit rating. Also, financial 'associations' - where possibly someone who is living with you or lived at your address at one time has an unacceptable credit rating - will affect your ability to get any credit.
If you see any detail that is incorrect on your record, report it, in writing, to the organisation who has listed inaccurate information concerning you, and send a copy to the credit reference agency too.
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