Debt Consolidation Loan For Teachers Only
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When you attempt to get any kind of credit, whether it is a credit card or store card, a loan or a mortgage, for instance, you will be subjected to a credit check by the creditor that you are asking for credit.
A credit check allows a lender to investigate your financial history, past and present, including whether you settle your financial obligations on time, make overdue payments, or have failed to make payments. A credit check also indicates additional outstanding debts and any County Court Judgements (CCJ's) and other defaults.
This therefore gives the company an idea of what type of risk you will be should they decide to lend you money - and the probability of getting the loan money back! Naturally, no lender is willing to give money to someone who won't pay it back on time or doesn't pay at all! This checking process is termed credit scoring.
There is a number of bodies who store this data about you - the most widely known are Experian and Equifax.
In the event you are making a decision about applying for credit, get a copy of your credit file first of all. This will give you an opportunity to see if all the data showing on it is accurate and point out anything that looks out of place. For example, even only a little bit of distorted information - say your file indicates an unpaid debt that has been dealt with - could be the difference between getting approved for some kind of credit - or not.
To obtain a copy of your file you must make contact with a credit reference agency. You will have to pay 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 on it, this will have an adverse influence on your credit rating. Also, financial 'associations' - where maybe a person who lives with you or previously lived at your address has a weak credit score - will influence your capacity to get any credit.
If you notice anything that is false on your file, inform, in writing, the organisation who has included inaccurate information concerning you, and forward a copy to the credit record agency as well.
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