Hfc Bank Debt Consolidation Loans
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When you fill out an application for credit, whether it's a store card or credit 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 tool for a loan provider to see your past and current financial history, which includes whether you settle your debts on time, make late payments, or have missed payments. A credit check also shows additional outstanding amounts and also any County Court Judgements (CCJ's) and other lapses.
This then offers the creditor a profile of how much risk you present should they choose to give you credit - and what chances they have of getting the loan money back! Of course, no company wants to lend money to someone who doesn't make payments on time or doesn't pay at all! This checking system is called credit scoring.
There are some bodies who store this information about you - the two main ones are Experian and Equifax.
If you are in the process of considering applying for credit, get hold of a copy of the credit report first of all. This is so that you can examine if all the information within it is right and point out anything that looks wrong. For instance, just a single item of incorrect information - maybe your file indicates an outstanding debt that has been paid - could mean the difference between being approved for some kind of credit - or not.
To get hold of your credit record you will need to approach one of the credit reference agencies. It will cost you a small fee (somewhere around £2) and a copy will be sent to you for you to look at.
Ensure that your file has you on the electoral roll - if not, this will have a negative consequence for your score. Also, financial 'associations' - where possibly someone else who lives with you or previously lived at your address has a low credit score - will influence your ability to get any credit.
If you uncover anything that is wrong on your file, inform, in writing, the company who has put down inaccurate data about you, and forward a copy to the credit record agency too.
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