Consolidate Loans And Debts
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When you attempt to get any sort of credit, whether it is a credit card or store card, a loan or a mortgage, for example, you will undergo a credit check by the loan company that you are approaching for credit.
A credit check is a method that allows a potential creditor to evaluate your financial history, past and present, which includes whether you pay off your debts on time, are late in making payments, or have missed payments. A credit check also reveals additional outstanding amounts and any history of County Court Judgements (CCJ's) and additional failures.
This then gives the creditor details of what sort of risk you present should they choose to offer you a loan - and what chances they have of getting the loan paid back! In the end, no lender is keen to lend to someone who doesn't make payments on time or defaults on it entirely! This checking system is termed credit scoring.
There is a number of organisations who have this data about you - the most widely known are Experian and Equifax.
Should you be thinking about taking out credit, ask for a copy of your credit file first. This means that you can examine if all the information included in it is accurate and question anything that looks out of place. For example, even just one bit of incorrect information - maybe your file records an existing debt that was paid - could significantly impact you getting approved for some kind of credit - or not.
In order to obtain a copy of your record you can get in touch with one of the credit reference agencies. You will be charged a small fee (about £2) and a copy will be sent to you for you to look through.
Ensure that your file shows you on the electoral roll - if this is not the case, this will have a negative influence on your score. Also, financial 'associations' - where perhaps someone who lives with you or who lived at your address before has a weak credit rating - will have an impact on your likelihood of getting credit.
If you notice data that is wrong on your credit record, contact, in writing, the company who has included faulty details regarding you, and send out a copy to the credit record agency too.
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