Debt Consolidation Secured Loans
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When you fill out an application for any sort of credit, whether it's a store card or credit card, a loan or a mortgage, for instance, you will undergo a credit check by the company through whom you are seeking credit.
A credit check is a way for a financial organisation to investigate your past and present financial history, which includes whether you settle your financial obligations on time, are late with payments, or have failed to make payments. A credit check also shows additional outstanding amounts and any County Court Judgements (CCJ's) and additional failures.
This gives the loan provider a profile of how much risk you present should they decide to offer you a loan - and what chances they have of getting the money they've lent you back! In the end, there is no one who is willing to offer money to someone who doesn't make payments on time or not at all! This checking system is known as credit rating.
There are several organisations who hold this data about you - the major ones are Experian and Equifax.
In the event you are considering applying for credit, obtain a copy of the credit report first. This is for you to determine if all the information within it is correct and query anything that looks wrong. For example, just a little bit of distorted information - say your report indicates an unpaid debt that has been paid - could be the key factor in being offered credit - or not.
To get hold of your credit file you have to get in touch with a credit reference agency. It will cost you a small fee (somewhere around £2) and a copy will be sent to you for you to look through.
Confirm that your record shows you on the electoral roll - if this is not the case, this will have a damaging effect on your score. Also, financial 'associations' - where perhaps a person who is living with you or has lived at your address previously has a poor credit score - will have an impact on your chances of getting any credit.
If you see data that is false on your file, contact, in writing, the company who has included faulty information regarding you, and forward a copy to the credit record agency as well.
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