Debt Consolidation Loan None Homeowner
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When you apply for any credit, whether it's a bank credit card or store card, a mortgage or a loan, for instance, it will be necessary for you to undergo a credit check by the loan provider that you are approaching for credit.
A credit check is a means for a loan company to evaluate your previous and present financial history, which includes whether you pay off your debts on time, are late in making payments, or have missed payments. A credit check also shows any unpaid debts and also any County Court Judgements (CCJ's) and additional failures.
Consequently this gives the loan provider details of what level of financial risk you will be if they decide to offer you a loan - and what the likelihood is of getting their money back! Of course, nobody is willing to lend money to someone who doesn't make payments on time or defaults on it entirely! This checking system is referred to as credit rating.
There is a number of agencies who have this data about you - the two main ones are Equifax and Experian.
When you are considering taking out a loan, request a copy of your credit file before anything else. This will enable you to see if all the information showing on it is accurate and point out anything that looks wrong. For instance, even only a little bit of incorrect information - say your credit file notes an unresolved debt that has been dealt with - might be the determining factor for being granted a loan or mortgage - or not.
To obtain a copy of your credit record you can go through a credit reference agency. You will have to pay a small amount (approximately £2) and they will send you a copy for you to look through.
Check that your file has you on the electoral roll - if this is not so, this will have a negative consequence for your credit score. Also, financial 'associations' - where maybe a person who lives with you or lived at your address at one time has a low credit score - will have an influence on your chances of getting credit.
If you come across data that is not correct on your file, report it, in writing, to the company who has listed wrong information regarding you, and send a copy to the credit record agency too.
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