Consolidation Loan Companies UK
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When you make an application for any credit, whether it is a credit or store card, a loan or a mortgage, for instance, you will be subjected to a credit check by the loan company that you are approaching for credit.
A credit check is a way for a loan provider to investigate your financial history, past and present, issues such as whether you meet your financial obligations on time, are late in making payments, or have missed payments. A credit check also indicates additional outstanding debts and any history of County Court Judgements (CCJ's) and additional defaults.
Consequently this offers the lender details of what type of risk you present if they decide to lend you money - and what chances they have of getting the money they've lent you back! In the end, there is no one who is keen to lend to someone who won't pay it back on time or doesn't pay at all! This checking system is known as credit scoring.
There are a few organisations who store this information about you - the most widely known are Experian and Equifax.
If you are thinking about applying for credit, obtain a copy of your credit file first. This will enable you to see if all of your information included in it is correct and question anything that looks wrong. For instance, even only a little bit of mistaken information - say your report notes an unsettled debt that has been dealt with - could mean the difference between getting approved for credit - or not.
To get a copy of your record you must go through one of the credit record agencies. You will have to pay a small fee (about £2) and they will send you a copy for your perusal.
Check that your file records you on the electoral roll - if this is not so, this will have an adverse influence on your credit rating. Also, financial 'associations' - where perhaps a person who is living with you or has lived at your address previously has a low credit rating - will influence your ability to get any credit.
If you notice any detail that is not correct on your record, make contact, in writing, with the company who has put down incorrect details regarding you, and send out a copy to the credit record agency too.
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