Consolidation Loans Need To Consolidate £140 000 In Loans
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When you make an application for any credit, whether it is a credit card or store card, a mortgage or a loan, for instance, you will be subjected to a credit check by the loan provider that you are asking for credit.
A credit check is a means for a potential creditor to look at your past and current financial history, issues such as whether you service your debts on time, are late with payments, or have not made payments. A credit check also presents other outstanding debts and any County Court Judgements (CCJ's) and other lapses.
This gives the loan company a picture of what type of risk you present if they choose to give you a loan - and what the chances are of getting their money back! In the end, no company wants to lend to someone who doesn't make payments on time or not at all! This checking practice is called credit rating.
There are several organisations who compile this data about you - the major ones are Equifax and Experian.
If you are making a decision about borrowing money, obtain a copy of your credit file beforehand. This will enable you to check that all the data on it is accurate and query anything that looks out of place. For instance, just a small piece of incorrect information - maybe your file indicates an existing debt that was paid - could sway the decision for getting approved for credit - or not.
In order to obtain a copy of your credit file you have to approach a credit record agency. You will be charged a small fee (about £2) and a copy will be sent to you for you to look at.
Confirm that your credit file shows you on the electoral roll - if you are not on it, this will have an adverse effect on your credit rating. Also, financial 'associations' - where perhaps someone who is living with you or who lived at your address before has an inadequate credit score - will have an influence on your ability to get any credit.
If you spot information that is not correct on your credit file, report it, in writing, to the organisation who has given inaccurate data concerning you, and send out a copy to the credit reference agency too.
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