Consolidation Loans Poor Credit
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When you make a request for any kind of credit, whether it is a credit or store card, a loan or a mortgage, for instance, it will be necessary for you to undergo a credit check by the loan company that you are approaching for credit.
A credit check allows a financial organisation to examine your past and current financial history, issues such as whether you settle your debts on time, make overdue payments, or have not made payments. A credit check also shows other unresolved debts and any history of County Court Judgements (CCJ's) and other defaults.
Consequently this gives the creditor details of what kind of risk you will be should they decide to lend you money - and what the likelihood is of getting the money back! After all, no lender desires to offer money to someone who pays it back late or doesn't pay at all! This checking process is termed credit scoring.
There are several bodies who keep this data about you - the best known are Equifax and Experian.
When you are thinking about taking out credit, get hold of a copy of the credit report beforehand. This is so that you can determine if all the information showing on it is right and question anything that looks wrong. For example, just a small piece of incorrect information - say your credit report mentions an existing debt that has been dealt with - could be the difference between being granted a loan or mortgage - or not.
In order to obtain a copy of your file you can contact a credit record agency. It will cost you a small amount (somewhere around £2) and you will be sent a copy for your perusal.
Ensure that your file shows you on the electoral roll - if this is not so, this will have a detrimental impact on your credit score. Also, financial 'associations' - where possibly someone who lives with you or who lived at your address before has a poor credit rating - will have an impact on your chances of getting credit.
If you spot anything that is incorrect on your record, make contact, in writing, with the company who has presented faulty information concerning you, and send a copy to the credit record agency as well.
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