Competitive Secured Loan
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When you make a request for any credit, whether it's a bank credit card or store card, a loan or a mortgage, for example, it will be necessary for you to undergo a credit check by the creditor that you are applying to for credit.
A credit check is a method that allows a lender to view your past and current financial history, including whether you settle your financial obligations on time, are late in making payments, or have failed to make payments. A credit check also shows other unresolved debts and also any County Court Judgements (CCJ's) and additional defaults.
This then offers the creditor an idea of what type of risk you will be should they decide to lend you money - and what the chances are of getting the money back! Naturally, no company is keen to lend money to someone who doesn't make payments on time or doesn't pay at all! This checking process is referred to as credit rating.
There are a few bodies who hold this information about you - the best known are Equifax and Experian.
If you are in the process of considering borrowing money, get a copy of the credit report before anything else. This is for you to determine if all of your information within it is correct and query anything that is questionable. For instance, only a tiny bit of mistaken information - maybe your file shows an unsettled debt that was paid - might be the determining factor for being offered a mortgage or loan - or not.
To obtain a copy of your record you can get in touch with a credit reference agency. You will be charged a small amount (approximately £2) and they will send you a copy for you to assess.
Make sure that your credit record shows you on the electoral roll - if this is not the case, this will have an adverse impact on your credit rating. Also, financial 'associations' - where maybe someone who lives with you or has lived at your address previously has a low credit rating - will affect your chances of getting credit.
If you uncover information that is not correct on your file, report it, in writing, to the company who has listed wrong information about you, and send out a copy to the credit reference agency as well.
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