Compare Debt Consolidation Loan
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When you fill out an application for any sort of credit, whether it's a bank credit card or store 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 means for a lender to evaluate your financial history, past and present, issues such as whether you pay off your debts on time, are late with payments, or have not made payments. A credit check also indicates additional unsettled debts and any records of County Court Judgements (CCJ's) and other defaults.
This therefore offers the company a picture of what kind of risk you will be should they decide to lend to you - and what the chances are of getting their money back! In the end, nobody is keen to offer a loan to someone who won't pay it back on time or doesn't pay at all! This checking procedure is known as credit scoring.
There are some organisations who store this information concerning you - the most widely known are Experian and Equifax.
If you are considering applying for credit, get a copy of the credit report before anything else. This means that you can confirm that all of your information showing on it is accurate and point out anything that looks out of place. As an example, even just one bit of incorrect information - say your credit report records an unsettled debt that was paid - might be the determining factor for getting approved for credit - or not.
In order to get a copy of your credit record you will need to make contact with a credit reference agency. You will be charged a small amount (somewhere around £2) and a copy will be sent to you for you to look through.
Ensure that your credit file includes you on the electoral roll - if you are not on it, this will have a negative effect on your credit rating. Also, financial 'associations' - where possibly someone else who lives with you or who lived at your address before has a poor credit score - will affect the probability of getting credit.
If you notice any detail that is incorrect on your credit record, report it, in writing, to the company who has included inaccurate information regarding you, and forward a copy to the credit record agency too.
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