Cheapest Consolidated Equity Loan
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When you fill out an application for any sort of credit, 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 creditor that you are asking for credit.
A credit check is a method that allows a financial organisation to examine your past and present financial history, including whether you settle your financial obligations on time, make overdue payments, or have missed payments. A credit check also indicates other unpaid debts and any history of County Court Judgements (CCJ's) and other defaults.
Consequently this gives the loan provider a report of how much financial risk you present should they decide to lend you money - and the probability of getting the loan paid back! In the end, no lender is willing to give money to someone who pays it back late or defaults on it entirely! This checking procedure is referred to as credit rating.
There are several bodies who store this information about you - the two principle ones are Equifax and Experian.
When you are making a decision about applying for credit, obtain a copy of your credit file first of all. This will give you an opportunity to see if all of your information included in it is correct and query anything that is not right. For instance, just a little bit of incorrect information - say your credit file shows an unresolved debt that has been paid - might be the determining factor for being approved for a loan or mortgage - or not.
For a copy of your credit record you must make contact with one of the credit record agencies. They will charge you a small fee (about £2) and you will be sent a copy for you to look at.
Check that your credit record includes you on the electoral roll - if you are not there, this will have a detrimental influence on your credit rating. Also, financial 'associations' - where maybe a person who is living with you or lived at your address at one time has a poor credit rating - will have an impact on your likelihood of getting any credit.
If you notice data that is incorrect on your credit file, contact, in writing, the company who has listed faulty information about you, and send a copy to the credit reference agency too.
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