Compare Secure Loans
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When you attempt to get any kind of credit, whether it's a bank credit card or store card, a mortgage or a loan, for example, it will be necessary for you to undergo a credit check by the creditor that you are asking for credit.
A credit check is a means for a lender to see your past and present financial history, issues such as whether you take care of your debts on time, are late with payments, or have neglected payments. A credit check also shows other outstanding debts and any history of County Court Judgements (CCJ's) and other defaults.
This offers the loan provider a picture of what degree of risk you will be if they decide to give you a loan - and the probability of getting the loan paid back! Of course, nobody wants to give money to someone who pays it back late or defaults on it entirely! This checking system is called credit scoring.
There are several bodies who store this financial information - the major ones are Experian and Equifax.
If you are in the process of thinking about taking out credit, request a copy of the credit report beforehand. This will allow you to check that all the information within it is right and question anything that is not right. As an example, even just one bit of mistaken information - maybe your file records an existing debt that has been paid - could significantly impact you getting accepted for credit - or not.
In order to obtain a copy of your credit record you can approach a credit record agency. It will cost you a small amount (about £2) and you will be sent a copy for you to assess.
Ensure that your file includes you on the electoral roll - if not, this will have a negative influence on your credit rating. Also, financial 'associations' - where possibly a person who is living with you or who lived at your address before has a low credit score - will influence your likelihood of getting credit.
If you find data that is not correct on your record, get in touch, in writing, with the company who has put down faulty data regarding you, and deliver a copy to the credit record agency as well.
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