Debt Consolidation Loan Companies
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When you make a request for a loan or credit of any sort, whether it is a credit card or store card, a loan or a mortgage, for example, you will be subjected to a credit check by the lender through whom you are seeking credit.
A credit check helps a loan company to view your past and current financial history, issues such as whether you meet your financial obligations on time, make late payments, or have missed payments. A credit check also presents additional unpaid debts and also any County Court Judgements (CCJ's) and other defaults.
This gives the lender an idea of how much risk you present should they choose to offer you a loan - and what chances they have of getting the loan paid back! Naturally, no one is willing to offer money to someone who doesn't make payments on time or not at all! This checking process is termed credit rating.
There are a few agencies who have this data about you - the two principle ones are Equifax and Experian.
When you are considering borrowing money, get hold of a copy of the credit report first of all. This will enable you to determine if all the data within it is correct and query anything that is questionable. For instance, just a little bit of distorted information - maybe your file indicates an unsettled debt that has been settled - could be the difference between getting accepted for credit - or not.
In order to get a copy of your record you can go through one of the credit record agencies. It will cost you a small fee (around £2) and a copy will be sent to you for your perusal.
Ensure that your credit file shows you on the electoral roll - if you are not there, this will have a damaging consequence for your credit rating. Also, financial 'associations' - where possibly someone who lives with you or lived at your address at one time has an unacceptable credit rating - will have an impact on your likelihood of getting credit.
If you come across information that is false on your credit file, contact, in writing, the organisation who has presented inaccurate details regarding you, and send a copy to the credit record agency as well.
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