Deebt Consolidation Loans
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When you fill out an application for a loan or credit of any sort, whether it's a bank credit card or store card, a loan or a mortgage, for example, it will be necessary for you to undergo a credit check by the company from whom you are requesting credit.
A credit check is a way for a loan provider to look at your past and present financial history, including whether you settle your debts on time, make late payments, or have failed to make payments. A credit check also shows other unsettled debts and any County Court Judgements (CCJ's) and additional failures.
Consequently this offers the loan company a report of what degree of risk you present if they choose to give you a loan - and what the likelihood is of getting their money back! After all, there is no one who desires to give money to someone who pays it back late or defaults on it entirely! This checking process is called credit rating.
There are some bodies who hold this information about you - the best known are Equifax and Experian.
When you are considering applying for credit, obtain a copy of the credit report before anything else. This will enable you to check that all the data within it is correct and challenge anything that is inaccurate. For instance, just a little bit of erroneous information - maybe your file shows an existing debt that has been settled - could mean the difference between being approved for a mortgage or loan - or not.
In order to obtain a copy of your credit record you can make contact with one of the credit record agencies. You will have to pay a small amount (about £2) and a copy will be sent to you for you to look through.
Confirm that your credit record has you on the electoral roll - if you are not there, this will have a detrimental effect on your credit score. Also, financial 'associations' - where possibly a person who is living with you or lived at your address at one time has a low credit score - will affect the probability of getting any credit.
If you uncover any detail that is not correct on your record, report it, in writing, to the organisation who has given inaccurate details regarding you, and deliver a copy to the credit record agency too.
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