Cheapest Loan Deals At Moment
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When you apply for any credit, whether it's a bank credit card or store card, a loan or a mortgage, for example, you will be subjected to a credit check by the loan company that you are asking for credit.
A credit check is a means for a lender to see your past and present financial history, including whether you settle your financial obligations on time, are late with payments, or have neglected payments. A credit check also indicates additional unresolved debts and any County Court Judgements (CCJ's) and other defaults.
This gives the company a report of what level of risk you present should they choose to give you credit - and the probability of getting their money back! After all, no company wishes to lend money to someone who pays it back late or defaults on it entirely! This checking process is referred to as credit rating.
There is a number of organisations who compile this data concerning you - the major ones are Experian and Equifax.
If you are making a decision about applying for credit, get hold of a copy of the credit report first. This will allow you to check that all the data included in it is right and question anything that is questionable. For example, just a single item of distorted information - say your report records an existing debt that has been settled - could be the key factor in being granted credit - or not.
In order to get a copy of your credit file you must make contact with a credit record agency. You will be required to pay a small fee (somewhere around £2) and a copy will be sent to you for you to assess.
Confirm that your file records you on the electoral roll - if this is not the case, this will have an adverse impact on your credit rating. Also, financial 'associations' - where maybe someone who is living with you or who lived at your address before has an inadequate credit rating - will have an influence on the probability of getting credit.
If you see anything that is false on your credit record, report it, in writing, to the organisation who has presented wrong data regarding you, and deliver a copy to the credit record agency too.
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