Consolidation Loans Bad Credit Bridging
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When you make an application for 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 company from whom you are requesting credit.
A credit check is a method that allows a potential creditor to examine your past and present financial history, including whether you pay off your debts on time, make late payments, or have missed payments. A credit check also includes any unresolved debts and any history of County Court Judgements (CCJ's) and other lapses.
This therefore gives the creditor a profile of how much financial risk you present if they decide to lend to you - and the probability of getting the money they've lent you back! Naturally, nobody is willing to offer a loan to someone who doesn't make payments on time or doesn't pay at all! This checking procedure is referred to as credit rating.
There is a number of organisations who compile this data about you - the most widely known are Experian and Equifax.
When you are considering borrowing money, get hold of a copy of your credit file first. This is for you to check that all the information in it is right and challenge anything that is questionable. For example, just a little bit of mistaken information - say your file notes an unresolved debt that was covered - could sway the decision for getting approved for some kind of credit - or not.
To obtain a copy of your credit record you have to make contact with one of the credit record agencies. They will charge you a small fee (about £2) and they will send you a copy for you to look at.
Ensure that your credit record has you on the electoral roll - if this is not the case, this will have a detrimental influence on your credit rating. Also, financial 'associations' - where perhaps someone who is living with you or previously lived at your address has an unacceptable credit score - will affect your likelihood of getting any credit.
If you come across anything that is incorrect on your file, contact, in writing, the organisation who has listed inaccurate details about you, and send a copy to the credit reference agency as well.
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