Debt Consolidation Presonal Loans
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When you fill out an application for a loan or credit of any sort, whether it's a bank credit card or store card, a mortgage or a loan, for example, you will have to go through a credit check by the company through whom you are seeking credit.
A credit check is a method that allows a potential creditor to examine your financial history, past and present, issues such as whether you service your debts on time, are late with payments, or have neglected payments. A credit check also shows any unpaid debts and any records of County Court Judgements (CCJ's) and other lapses.
Consequently this gives the company a report of how much risk you will be should they choose to lend to you - and what the likelihood is of getting their money back! Naturally, there is no one who wants to lend to someone who doesn't make payments on time or defaults on it entirely! This checking procedure is referred to as credit scoring.
There are a few bodies who hold this information about you - the major ones are Equifax and Experian.
If you are in the process of thinking about borrowing money, request a copy of the credit report beforehand. This will allow you to determine if all the data within it is right and point out anything that is inaccurate. For example, just a single item of erroneous information - maybe your report mentions an unresolved debt that was covered - could mean the difference between getting accepted for some kind of credit - or not.
To obtain a copy of your credit record you must get in touch with one of the credit record agencies. You will be charged a small fee (approximately £2) and you will be sent a copy for your perusal.
Ensure that your credit record shows you on the electoral roll - if not, this will have a detrimental impact on your score. Also, financial 'associations' - where perhaps someone who lives with you or previously lived at your address has an unacceptable credit score - will influence your likelihood of getting credit.
If you uncover information that is wrong on your credit file, inform, in writing, the organisation who has presented faulty details concerning you, and send a copy to the credit record agency as well.
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