How To Get A Loan UK
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When you apply for any sort of credit, whether it's a store card or credit card, a loan or a mortgage, for example, you will undergo a credit check by the creditor that you are approaching for credit.
A credit check is a way for a loan company to view your past and current financial history, including whether you service your debts on time, are late with payments, or have neglected payments. A credit check also presents any unresolved debts and also any County Court Judgements (CCJ's) and additional defaults.
This gives the company details of how much financial risk you present if they choose to lend you money - and what the chances are of getting the loan paid back! After all, no lender is keen to lend money to someone who pays it back late or defaults on it entirely! This checking procedure is termed credit scoring.
There are several bodies who hold this information concerning you - the two principle ones are Equifax and Experian.
When you are thinking about borrowing money, obtain a copy of the credit report first of all. This is for you to confirm that all of your information showing on it is right and question anything that is questionable. As an example, even only a little bit of distorted information - maybe your file notes an existing debt that has been settled - could mean the difference between being offered some kind of credit - or not.
In order to get a copy of your file you can contact a credit reference agency. You will be charged a small fee (approximately £2) and a copy will be sent to you for you to look at.
Check that your credit record has you on the electoral roll - if this is not the case, this will have an adverse impact on your credit rating. Also, financial 'associations' - where maybe a person who is living with you or who lived at your address before has a poor credit score - will have an influence on your ability to get credit.
If you find any detail that is wrong on your file, get in touch, in writing, with the organisation who has put down wrong data concerning you, and deliver a copy to the credit reference agency too.
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