Good Loan Companies In UK
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When you make an application for 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 creditor from whom you are requesting credit.
A credit check helps a financial organisation to see your past and present financial history, including whether you settle your financial obligations on time, make late payments, or have not made payments. A credit check also reveals other unpaid debts and any history of County Court Judgements (CCJ's) and other defaults.
This then gives the loan company a picture of what level of risk you present should they decide to lend to you - and what the likelihood is of getting the money back! Of course, no one is willing to offer money to someone who pays it back late or defaults on it entirely! This checking process is called credit scoring.
There is a number of organisations who keep this financial information - the two main ones are Equifax and Experian.
If you are thinking about borrowing money, get hold of a copy of the credit report beforehand. This is for you to determine if all of your information on it is correct and question anything that looks out of place. As an example, just a little bit of incorrect information - say your credit report mentions an unresolved debt that has been paid - could sway the decision for getting approved for some kind of credit - or not.
To obtain a copy of your record you have to make contact with one of the credit record agencies. You will be charged a small fee (about £2) and you will be sent a copy for you to assess.
Check that your credit record includes you on the electoral roll - if you are not there, this will have an adverse effect on your score. Also, financial 'associations' - where possibly someone else who lives with you or has lived at your address previously has a poor credit score - will influence your capacity to get any credit.
If you notice any detail that is false on your credit record, inform, in writing, the company who has presented faulty data about you, and forward a copy to the credit record agency as well.
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