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When you attempt to get any credit, whether it's a bank 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 is a way for a financial organisation to look at your past and current financial history, including whether you settle your debts on time, make late payments, or have neglected payments. A credit check also shows additional outstanding debts and any history of County Court Judgements (CCJ's) and other lapses.
This therefore gives the loan company a profile of what type of risk you will be if they determine to lend to you - and what the likelihood is of getting the loan money back! Naturally, no company wishes to lend money to someone who won't pay it back on time or defaults on it entirely! This checking procedure is termed credit scoring.
There are a few agencies who hold this data about you - the most widely known are Equifax and Experian.
In the event you are considering taking out any kind of credit, ask for a copy of your credit file before anything else. This is so that you can determine if all of your information showing on it is right and question anything that is not right. For instance, even just one bit of mistaken information - say your credit file shows an unpaid debt that was paid - might be the determining factor for getting approved for some kind of credit - or not.
To get a copy of your credit record you can approach a credit reference agency. You will have to pay a small amount (approximately £2) and a copy will be sent to you for you to look through.
Check that your credit record has you on the electoral roll - if you are not there, this will have a detrimental consequence for your score. Also, financial 'associations' - where possibly someone who is living with you or has lived at your address previously has a poor credit rating - will have an influence on your chances of getting credit.
If you notice any detail that is not correct on your credit record, report it, in writing, to the company who has included faulty data regarding you, and forward a copy to the credit record agency as well.
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