Debt Consolidation Loan Forum
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When you fill out an application for credit, whether it's a store card or credit card, a mortgage or a loan, for example, you will be subjected to a credit check by the company that you are applying to for credit.
A credit check allows a lender to evaluate your past and present financial history, issues such as whether you service your debts on time, are late in making payments, or have missed payments. A credit check also presents any unresolved debts and any history of County Court Judgements (CCJ's) and additional failures.
This therefore gives the creditor a picture of how much financial risk you present should they choose to give you a loan - and what the chances are of getting the loan money back! Naturally, no lender wants to offer money to someone who won't pay it back on time or doesn't pay at all! This checking procedure is known as credit rating.
There are a few organisations who hold this data concerning you - the best known are Experian and Equifax.
If you are thinking about applying for credit, request a copy of your credit file before anything else. This means that you can check that all the information included in it is right and point out anything that is questionable. As an example, just a single item of mistaken information - maybe your report indicates an outstanding debt that has been paid - might be the determining factor for getting accepted for some kind of credit - or not.
To obtain a copy of your credit file you can make contact with one of the credit record agencies. You will have to pay a small fee (about £2) and you will be sent a copy for you to look through.
Confirm that your file shows you on the electoral roll - if not, this will have a harmful effect on your credit rating. Also, financial 'associations' - where maybe someone else who is living with you or previously lived at your address has a low credit score - will influence your chances of getting credit.
If you find anything that is false on your credit file, get in touch, in writing, with the organisation who has listed inaccurate data about you, and send out a copy to the credit record agency as well.
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