Compare Fixed Rate Secured Loans
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When you make an application for any kind of credit, whether it's a bank credit card or store card, a loan or a mortgage, for instance, you will have to go through a credit check by the loan company through whom you are seeking credit.
A credit check is a method that allows a loan company to view your past and current financial history, issues such as whether you settle your financial obligations on time, are late in making payments, or have failed to make payments. A credit check also includes additional outstanding debts and any history of County Court Judgements (CCJ's) and additional defaults.
This therefore gives the company details of what type of financial risk you will be should they decide to lend to you - and what the chances are of getting the money they've lent you back! Of course, there is no one who is willing to offer a loan to someone who won't pay it back on time or defaults on it entirely! This checking system is known as credit rating.
There is a number of organisations who keep this data about you - the most widely known are Equifax and Experian.
If you are considering taking out credit, ask for a copy of your credit file before anything else. This is so that you can check that all the information in it is right and challenge anything that looks out of place. For instance, just a little bit of distorted information - maybe your file shows an existing debt that was paid - could be the difference between being approved for some kind of credit - or not.
For a copy of your credit file you can go through one of the credit record agencies. It will cost you a small fee (around £2) and you will be sent a copy for your perusal.
Make sure that your credit record records you on the electoral roll - if you are not there, this will have a negative impact on your credit rating. Also, financial 'associations' - where perhaps a person who lives with you or who lived at your address before has a low credit rating - will influence your likelihood of getting any credit.
If you find anything that is false on your file, inform, in writing, the company who has given faulty information about you, and deliver a copy to the credit record agency too.
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