Consolidation Loans Channel Islands
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When you make a request for any sort of credit, whether it is a credit card or store card, a mortgage or a loan, for instance, you will undergo a credit check by the lender from whom you are requesting credit.
A credit check is a means for a potential creditor to investigate your past and present financial history, including whether you service your debts on time, are late with payments, or have not made payments. A credit check also reveals any unpaid debts and any records of County Court Judgements (CCJ's) and other lapses.
This then offers the company a report of what kind of risk you present should they decide to give you credit - and what the likelihood is of getting the money they've lent you back! After all, there is no one who wants to lend money to someone who doesn't make payments on time or defaults on it entirely! This checking practice is referred to as credit rating.
There are several bodies who hold this data about you - the major ones are Experian and Equifax.
In the event you are thinking about borrowing money, ask for a copy of your credit file first of all. This is so that you can check that all of your information showing on it is right and query anything that is not right. For instance, even only a little bit of erroneous information - maybe your report indicates an unpaid debt that has been paid - could mean the difference between being offered some kind of credit - or not.
To get hold of your credit file you will need to make contact with one of the credit reference agencies. You will have to pay a small amount (approximately £2) and they will send you a copy for you to assess.
Ensure that your credit record shows you on the electoral roll - if not, this will have a negative impact on your score. Also, financial 'associations' - where perhaps someone else who is living with you or lived at your address at one time has a weak credit score - will affect your ability to get credit.
If you uncover any detail that is wrong on your record, get in touch, in writing, with the company who has put down incorrect data about you, and send out a copy to the credit record agency as well.
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