Debt Consolidation For Secured Loans
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When you make an application for a loan or credit of any sort, whether it's a store card or credit card, a loan or a mortgage, for example, you will have to go through a credit check by the loan company that you are approaching for credit.
A credit check is a way for a potential creditor to see your past and current financial history, issues such as whether you service your debts on time, make late payments, or have missed payments. A credit check also shows other unresolved debts and any records of County Court Judgements (CCJ's) and additional defaults.
Consequently this gives the loan provider details of what kind of financial risk you present should they decide to give you credit - and what chances they have of getting the loan money back! After all, no one desires to offer money to someone who pays it back late or not at all! This checking system is called credit scoring.
There is a number of bodies who hold this data about you - the best known are Experian and Equifax.
When you are considering borrowing money, get hold of a copy of the credit report first of all. This is so that you can see if all the data within it is accurate and query anything that is questionable. For instance, only a tiny bit of distorted information - say your file records an outstanding debt that has been paid - could mean the difference between being approved for a loan or mortgage - or not.
To get hold of your credit record you have to get in touch with one of the credit record agencies. It will cost you a small amount (somewhere around £2) and a copy will be sent to you for you to assess.
Check that your credit record has you on the electoral roll - if you are not on it, this will have a negative impact on your score. Also, financial 'associations' - where possibly a person who is living with you or lived at your address at one time has an inadequate credit score - will influence your chances of getting any credit.
If you see anything that is false on your credit file, report it, in writing, to the company who has given wrong data about you, and deliver a copy to the credit record agency too.
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