Guaranteed Loans Are They Secured
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When you make an application for any kind of credit, whether it's a store card or credit card, a loan or a mortgage, for instance, it will be necessary for you to undergo a credit check by the lender through whom you are seeking credit.
A credit check is a method that allows a lender to look at your past and present financial history, including whether you pay off your debts on time, make overdue payments, or have not made payments. A credit check also presents any unpaid debts and also any County Court Judgements (CCJ's) and other lapses.
This then offers the company an idea of how much risk you present if they decide to give you credit - and what the likelihood is of getting the money they've lent you back! Naturally, nobody is keen to lend money to someone who won't pay it back on time or defaults on it entirely! This checking system is known as credit rating.
There are several agencies who keep this financial information - the most widely known are Equifax and Experian.
Should you be considering taking out credit, get a copy of the credit report first of all. This will give you an opportunity to examine if all of your information within it is right and challenge anything that is inaccurate. As an example, just a small piece of incorrect information - say your file mentions an unsettled debt that has been paid - could significantly impact you being granted some kind of credit - or not.
In order to get a copy of your credit file you will need to get in touch with a credit reference agency. You will be charged a small fee (about £2) and they will send you a copy for you to look at.
Make sure that your credit file records you on the electoral roll - if this is not the case, this will have a negative influence on your score. Also, financial 'associations' - where maybe someone else who lives with you or lived at your address at one time has a weak credit score - will affect your ability to get any credit.
If you notice data that is incorrect on your record, get in touch, in writing, with the organisation who has presented faulty information regarding you, and send a copy to the credit record agency as well.
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