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When you apply for credit, whether it's a store card or credit card, a mortgage or a loan, for example, you will be subjected to a credit check by the lender through whom you are seeking credit.
A credit check is a means for a financial organisation to view your past and current financial history, including whether you service your debts on time, are late in making payments, or have not made payments. A credit check also reveals additional outstanding debts and also any County Court Judgements (CCJ's) and additional defaults.
This therefore gives the loan provider a picture of what level of risk you present should they choose to lend you money - and what chances they have of getting the loan paid back! Naturally, no one wishes to lend money to someone who doesn't make payments on time or doesn't pay at all! This checking procedure is referred to as credit scoring.
There are some organisations who compile this information about you - the major ones are Experian and Equifax.
In the event you are thinking about taking out credit, get hold of a copy of your credit file before anything else. This means that you can confirm that all of your information in it is accurate and challenge anything that looks wrong. As an example, even only a little bit of wrong information - say your report notes an unresolved debt that has been paid - might be the determining factor for getting approved for credit - or not.
In order to get a copy of your credit file you can go through one of the credit reference agencies. It will cost you a small amount (around £2) and they will send you a copy for your perusal.
Ensure that your file records you on the electoral roll - if you are not on it, this will have a harmful consequence for your credit rating. Also, financial 'associations' - where possibly someone who lives with you or who lived at your address before has an unacceptable credit score - will have an influence on your chances of getting credit.
If you spot any detail that is incorrect on your record, inform, in writing, the company who has put down wrong information regarding you, and send a copy to the credit record agency too.
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