Instant Secured Loans
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When you apply for credit, whether it is a credit card or store card, a loan or a mortgage, for example, you will undergo a credit check by the loan provider that you are asking for credit.
A credit check is a method that allows a potential creditor to investigate your past and present financial history, issues such as whether you pay off your debts on time, make late payments, or have not made payments. A credit check also includes other unsettled debts and also any County Court Judgements (CCJ's) and additional defaults.
This therefore gives the lender a profile of what level of financial risk you present if they determine to give you a loan - and what the chances are of getting their money back! In the end, no company wishes to lend to someone who doesn't make payments on time or defaults on it entirely! This checking procedure is referred to as credit rating.
There is a number of bodies who compile this data concerning you - the two main ones are Equifax and Experian.
When you are making a decision about applying for credit, request a copy of your credit file first. This will enable you to examine if all of your information on it is right and challenge anything that is inaccurate. As an example, just a single item of wrong information - say your credit file records an outstanding debt that was paid - could mean the difference between being offered credit - or not.
To get a copy of your credit file you can go through one of the credit record agencies. You will be required to pay a small fee (about £2) and they will send you a copy for your perusal.
Make sure that your record includes you on the electoral roll - if you are not on it, this will have a damaging influence on your credit score. Also, financial 'associations' - where maybe a person who lives with you or has lived at your address previously has an unacceptable credit rating - will have an influence on the probability of getting credit.
If you find anything that is false on your credit file, report it, in writing, to the company who has put down faulty information concerning you, and send out a copy to the credit record agency as well.
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