Bad Credit Debt Consolidation Loan Mortgage Ownership Home
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When you apply for credit, whether it is a credit or store card, a loan or a mortgage, for instance, you will undergo a credit check by the loan provider from whom you are requesting credit.
A credit check is a method that allows a financial organisation to evaluate your financial history, past and present, including whether you settle your financial obligations on time, are late in making payments, or have not made payments. A credit check also includes other unsettled debts and also any County Court Judgements (CCJ's) and other defaults.
Consequently this gives the loan provider a report of what type of financial risk you will be should they choose to lend you money - and what the chances are of getting the money they've lent you back! Of course, there is no one who is willing to give money to someone who doesn't make payments on time or not at all! This checking system is known as credit rating.
There is a number of organisations who hold this financial information - the two main ones are Experian and Equifax.
Should you be considering borrowing money, get hold of a copy of your credit file first of all. This will allow you to check that all the data on it is accurate and query anything that is questionable. For example, even only a little bit of mistaken information - say your credit report mentions an unpaid debt that has been paid - might be the determining factor for getting accepted for credit - or not.
In order to obtain a copy of your credit file you have to contact one of the credit reference agencies. It will cost you a small amount (approximately £2) and you will be sent a copy for you to assess.
Confirm that your record records you on the electoral roll - if not, this will have a harmful influence on your credit score. Also, financial 'associations' - where perhaps another person who lives with you or has lived at your address previously has a poor credit score - will have an influence on your chances of getting credit.
If you spot any detail that is incorrect on your credit file, make contact, in writing, with the organisation who has included inaccurate details regarding you, and send out a copy to the credit record agency too.
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