Debt Consolidation Loans For Non Homeowner
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When you make an application for a loan or credit of any sort, whether it is a credit or store card, a mortgage or a loan, for instance, you will be subjected to a credit check by the loan company through whom you are seeking credit.
A credit check allows a potential creditor to view your past and present financial history, issues such as whether you settle your financial obligations on time, make overdue payments, or have failed to make payments. A credit check also presents any unpaid debts and any history of County Court Judgements (CCJ's) and additional defaults.
Consequently this gives the lender a report of what kind of financial risk you present should they decide to offer you a loan - and what chances they have of getting their money back! In the end, no lender is keen to offer money to someone who doesn't make payments on time or defaults on it entirely! This checking system is termed credit scoring.
There are some organisations who compile this data concerning you - the two principle ones are Experian and Equifax.
Should you be considering borrowing money, request a copy of your credit file first. This will enable you to check that all the information included in it is correct and query anything that is inaccurate. For instance, just a small piece of mistaken information - maybe your file mentions an unsettled debt that was paid - might be the determining factor for getting approved for some kind of credit - or not.
For a copy of your record you will need to get in touch with a credit record agency. It will cost you a small amount (approximately £2) and a copy will be sent to you for you to look through.
Ensure that your credit file has you on the electoral roll - if this is not the case, this will have an adverse consequence for your credit rating. Also, financial 'associations' - where maybe someone else who lives with you or has lived at your address previously has a weak credit score - will have an impact on your ability to get credit.
If you notice information that is wrong on your record, get in touch, in writing, with the organisation who has presented incorrect information regarding you, and forward a copy to the credit reference agency as well.
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