Debt Consolidation Loan UK
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When you fill out an application for a loan or credit of any sort, whether it's a store card or credit card, a mortgage or a loan, for instance, you will be subjected to a credit check by the creditor from whom you are requesting credit.
A credit check is a way for a lender to investigate your past and current financial history, which includes whether you settle your financial obligations on time, make overdue payments, or have failed to make payments. A credit check also includes other unresolved debts and any records of County Court Judgements (CCJ's) and additional failures.
This offers the company a report of what level of financial risk you will be should they choose to lend you money - and what the likelihood is of getting their money back! After all, no one is willing to lend to someone who pays it back late or not at all! This checking practice is known as credit rating.
There are a few organisations who have this financial information - the two principle ones are Equifax and Experian.
If you are making a decision about taking out credit, obtain a copy of the credit report before anything else. This will allow you to see if all of your information in it is right and challenge anything that is not right. For example, just a little bit of incorrect information - maybe your report shows an existing debt that was paid - could mean the difference between getting approved for a loan or mortgage - or not.
In order to get a copy of your credit record you must make contact with one of the credit record agencies. You will have to pay a small amount (about £2) and a copy will be sent to you for your perusal.
Make sure that your credit record records you on the electoral roll - if not, this will have a harmful influence on your credit rating. Also, financial 'associations' - where perhaps someone else who is living with you or lived at your address at one time has an unacceptable credit rating - will have an influence on the probability of getting credit.
If you see data that is not correct on your file, report it, in writing, to the company who has included inaccurate data about you, and send a copy to the credit reference agency as well.
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