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When you fill out an application for a loan or credit of any sort, whether it is a credit or store card, a loan or a mortgage, for example, you will be subjected to a credit check by the creditor that you are approaching for credit.
A credit check helps a loan provider to look at your past and current financial history, issues such as whether you settle your financial obligations on time, are late with payments, or have missed payments. A credit check also includes other outstanding amounts and any County Court Judgements (CCJ's) and other lapses.
This therefore gives the lender a picture of what type of financial risk you will be should they choose to give you credit - and what the chances are of getting their money back! In the end, nobody is willing to give money to someone who doesn't make payments on time or not at all! This checking system is termed credit rating.
There is a number of agencies who compile this data concerning you - the best known are Equifax and Experian.
If you are in the process of thinking about taking out any kind of credit, get hold of a copy of your credit file before anything else. This is so that you can check that all the information on it is right and challenge anything that looks out of place. As an example, just a little bit of erroneous information - say your credit report indicates an outstanding debt that has been settled - could be the difference between being offered a mortgage or loan - or not.
For a copy of your file you will need to contact a credit record agency. You will be charged a small amount (somewhere around £2) and you will be sent a copy for your perusal.
Verify that your credit record shows you on the electoral roll - if not, this will have a negative effect on your credit rating. Also, financial 'associations' - where possibly another person who lives with you or previously lived at your address has an inadequate credit score - will influence the probability of getting any credit.
If you find anything that is not correct on your record, make contact, in writing, with the company who has presented inaccurate details about you, and deliver a copy to the credit record agency too.
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