Consolidation Loan Apr How To Consolidate Loans And Mortgage Into One
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When you make an application for a loan or credit of any sort, 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 creditor that you are asking for credit.
A credit check helps a loan company to see your previous and present 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 reveals additional unpaid debts and also any County Court Judgements (CCJ's) and additional failures.
This then gives the company an idea of what kind of risk you present if they decide to give you credit - and what chances they have of getting the money they've lent you back! After all, no one desires to give money to someone who won't pay it back on time or not at all! This checking system is known as credit scoring.
There are several bodies who have this information about you - the major ones are Equifax and Experian.
Should you be thinking about taking out any kind of credit, get hold of a copy of your credit file first. This will give you an opportunity to determine if all the information within it is right and question anything that looks wrong. For instance, just a small piece of wrong information - maybe your report shows an unpaid debt that was paid - might be the determining factor for getting approved for a mortgage or loan - or not.
For a copy of your file you have to make contact with a credit reference agency. You will be charged a small fee (around £2) and they will send you a copy for you to assess.
Verify that your file includes you on the electoral roll - if you are not there, this will have a damaging impact on your score. Also, financial 'associations' - where maybe someone who lives with you or has lived at your address previously has an unacceptable credit rating - will have an impact on your ability to get credit.
If you uncover anything that is wrong on your credit record, contact, in writing, the organisation who has presented incorrect data regarding you, and deliver a copy to the credit record agency as well.
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