Consolidated Loans Through A Bank
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When you apply for any credit, whether it is a credit or store card, a loan or a mortgage, for example, it will be necessary for you to undergo a credit check by the loan provider that you are applying to for credit.
A credit check helps a loan provider to look at your previous and present financial history, which includes whether you take care of your debts on time, are late in making payments, or have missed payments. A credit check also includes additional outstanding debts and any County Court Judgements (CCJ's) and additional failures.
This offers the company details of what type of financial risk you will be should they choose to give you credit - and what chances they have of getting the loan paid back! After all, no company is keen to lend money to someone who doesn't make payments on time or doesn't pay at all! This checking practice is called credit rating.
There are several agencies who hold this information about you - the two principle ones are Equifax and Experian.
If you are thinking about borrowing money, get hold of a copy of your credit file before anything else. This will give you an opportunity to determine if all the data on it is right and question anything that is questionable. For example, just a little bit of wrong information - say your credit file indicates an outstanding debt that has been paid - could be the key factor in being offered some kind of credit - or not.
In order to obtain a copy of your file you have to approach one of the credit record agencies. They will charge you a small fee (around £2) and they will send you a copy for you to assess.
Verify that your record shows you on the electoral roll - if this is not the case, this will have a damaging impact on your score. Also, financial 'associations' - where possibly a person who lives with you or lived at your address at one time has an unacceptable credit score - will have an impact on your likelihood of getting any credit.
If you spot anything that is wrong on your file, report it, in writing, to the company who has listed incorrect information regarding you, and send a copy to the credit reference agency as well.
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