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When you apply for any sort of credit, whether it is a credit card or store card, a loan or a mortgage, for instance, you will undergo a credit check by the loan provider that you are approaching for credit.
A credit check allows a potential creditor to look at your previous and present financial history, including whether you pay off your debts on time, are late in making payments, or have neglected payments. A credit check also presents other outstanding debts and any County Court Judgements (CCJ's) and other lapses.
Consequently this gives the loan company a picture of what level of risk you present should they choose to offer you a loan - and what the chances are of getting the loan paid back! Naturally, no company wishes to offer a loan to someone who doesn't make payments on time or defaults on it entirely! This checking system is called credit rating.
There are a few organisations who store this data concerning you - the major ones are Equifax and Experian.
In the event you are thinking about borrowing money, obtain a copy of your credit file first of all. This will enable you to determine if all the data in it is right and point out anything that is not right. For instance, just a little bit of wrong information - say your file notes an unresolved debt that was paid - could mean the difference between being granted credit - or not.
In order to get a copy of your record you will need to go through a credit record agency. It will cost you a small amount (around £2) and they will send you a copy for you to look at.
Verify that your credit file includes you on the electoral roll - if you are not on it, this will have an adverse influence on your credit score. 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 your likelihood of getting any credit.
If you find information that is wrong on your record, get in touch, in writing, with the company who has put down faulty information regarding you, and send out a copy to the credit record agency as well.
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