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When you make an application for any sort of credit, whether it's a store card or credit card, a mortgage or a loan, for example, you will have to go through a credit check by the lender that you are asking for credit.
A credit check allows a lender to examine your past and current financial history, which includes whether you settle your debts on time, make late payments, or have neglected payments. A credit check also shows other unpaid debts and also any County Court Judgements (CCJ's) and additional failures.
Consequently this gives the creditor an idea of what type of risk you present if they decide to lend to you - and what chances they have of getting the money they've lent you back! Of course, no lender wants to lend to someone who pays it back late or doesn't pay at all! This checking practice is known as credit scoring.
There is a number of agencies who keep this data concerning you - the major ones are Equifax and Experian.
If you are in the process of thinking about taking out credit, request a copy of your credit file beforehand. This means that you can confirm that all the data within it is correct and question anything that is not right. For instance, just a little bit of erroneous information - say your report shows an outstanding debt that was paid - could be the key factor in being approved for credit - or not.
To obtain a copy of your credit record you will need to make contact with a credit record agency. You will be required to pay a small fee (approximately £2) and they will send you a copy for you to look through.
Ensure that your file includes you on the electoral roll - if this is not the case, this will have an adverse impact on your credit score. Also, financial 'associations' - where possibly someone who is living with you or lived at your address at one time has a low credit rating - will have an impact on your ability to get credit.
If you find anything that is incorrect on your record, contact, in writing, the company who has included wrong data about you, and send a copy to the credit record agency as well.
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