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When you apply for a loan or credit of any sort, whether it's a store card or credit card, a mortgage or a loan, for instance, you will undergo a credit check by the company that you are approaching for credit.
A credit check is a method that allows a potential creditor to investigate your past and present financial history, including whether you take care of your debts on time, make overdue payments, or have neglected payments. A credit check also indicates additional unsettled debts and any history of County Court Judgements (CCJ's) and other defaults.
This therefore offers the lender an idea of what degree of risk you present if they decide to lend to you - and the probability of getting their money back! Of course, no company is keen to lend to someone who doesn't make payments on time or not at all! This checking practice is termed credit scoring.
There is a number of organisations who compile this financial information - the two principle ones are Equifax and Experian.
Should you be thinking about borrowing money, obtain a copy of the credit report beforehand. This will allow you to check that all the information in it is right and query anything that is questionable. As an example, even only a little bit of distorted information - say your credit report indicates an unpaid debt that has been dealt with - could sway the decision for being offered a mortgage or loan - or not.
For a copy of your credit record you have to get in touch with one of the credit record agencies. You will have to pay a small amount (somewhere around £2) and they will send you a copy for you to look through.
Verify that your credit file records you on the electoral roll - if you are not on it, this will have an adverse impact on your credit rating. Also, financial 'associations' - where maybe someone who lives with you or previously lived at your address has an inadequate credit rating - will have an influence on the probability of getting credit.
If you spot information that is false on your credit file, report it, in writing, to the company who has given wrong data about you, and deliver a copy to the credit reference agency as well.
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