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When you make an application for credit, whether it is a credit card or store card, a mortgage or a loan, for instance, you will have to go through a credit check by the loan company through whom you are seeking credit.
A credit check is a way for a potential creditor to view your past and present financial history, including whether you service your debts on time, are late with payments, or have not made payments. A credit check also indicates other outstanding amounts and any records of County Court Judgements (CCJ's) and additional failures.
This therefore gives the lender a picture of what degree of financial risk you will be should they decide to give you credit - and the probability of getting the money back! Naturally, nobody is willing to lend money to someone who doesn't make payments on time or defaults on it entirely! This checking procedure is termed credit rating.
There is a number of organisations who keep this information concerning you - the two main ones are Equifax and Experian.
If you are thinking about taking out credit, obtain a copy of the credit report beforehand. This is for you to confirm that all the data included in it is right and query anything that is inaccurate. For instance, just a single item of erroneous information - say your report records an unpaid debt that has been paid - could mean the difference between getting accepted for a loan or mortgage - or not.
To get hold of your credit record you can go through one of the credit reference agencies. You will be charged a small amount (around £2) and they will send you a copy for you to look through.
Check that your record includes you on the electoral roll - if you are not on it, this will have a detrimental consequence for your score. Also, financial 'associations' - where perhaps another person who is living with you or lived at your address at one time has an inadequate credit rating - will have an impact on your likelihood of getting any credit.
If you notice data that is wrong on your credit file, report it, in writing, to the organisation who has presented faulty details regarding you, and deliver a copy to the credit reference agency as well.
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