Credit Reference Agency Loans Taken Out
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When you apply for credit, whether it's a bank credit card or store card, a mortgage or a loan, for instance, it will be necessary for you to undergo a credit check by the loan provider that you are asking for credit.
A credit check is a method that allows a loan provider to evaluate your financial history, past and present, issues such as whether you service your debts on time, make overdue payments, or have missed payments. A credit check also reveals additional unsettled debts and any records of County Court Judgements (CCJ's) and other defaults.
This gives the lender a picture of what kind of financial risk you will be if they choose to give you a loan - and the probability of getting the loan money back! In the end, no company desires to offer money to someone who won't pay it back on time or doesn't pay at all! This checking process is known as credit rating.
There are a few organisations who hold this information concerning you - the two principle ones are Equifax and Experian.
When you are thinking about taking out credit, obtain a copy of the credit report beforehand. This will allow you to check that all of your information on it is correct and point out anything that looks out of place. For instance, even just one bit of distorted information - say your credit report indicates an existing debt that has been dealt with - could mean the difference between getting accepted for credit - or not.
To obtain a copy of your credit file you can go through one of the credit reference agencies. You will be charged a small fee (about £2) and a copy will be sent to you for you to look through.
Confirm that your record includes you on the electoral roll - if you are not there, this will have a detrimental consequence for your score. Also, financial 'associations' - where possibly a person who lives with you or who lived at your address before has a low credit rating - will have an impact on your likelihood of getting credit.
If you uncover any detail that is incorrect on your file, report it, in writing, to the company who has presented faulty details regarding you, and send out a copy to the credit record agency too.
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