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When you attempt to get any credit, whether it's a bank credit card or store card, a mortgage or a loan, for instance, you will have to go through a credit check by the lender that you are asking for credit.
A credit check is a way for a loan company to evaluate your past and current financial history, including whether you pay off your debts on time, are late in making payments, or have missed payments. A credit check also reveals additional outstanding debts and any history of County Court Judgements (CCJ's) and additional defaults.
This then gives the loan company details of how much financial risk you will be should they decide to give you a loan - and what chances they have of getting the loan money back! After all, there is no one who desires to lend money to someone who pays it back late or not at all! This checking practice is termed credit scoring.
There are a few agencies who have this information about you - the major ones are Equifax and Experian.
When you are making a decision about borrowing money, get a copy of the credit report first. This will allow you to determine if all the information in it is accurate and query anything that is not right. For instance, even just one bit of mistaken information - say your file mentions an unresolved debt that was paid - could be the difference between being approved for some kind of credit - or not.
To obtain a copy of your record you will need to approach one of the credit reference agencies. You will have to pay a small fee (about £2) and they will send you a copy for you to look at.
Verify that your credit record records you on the electoral roll - if this is not the case, this will have an adverse influence on your score. Also, financial 'associations' - where perhaps someone who is living with you or lived at your address at one time has a poor credit rating - will affect the probability of getting credit.
If you notice anything that is not correct on your credit record, make contact, in writing, with the organisation who has given wrong data regarding you, and deliver a copy to the credit record agency too.
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