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When you apply for any kind of credit, whether it is a credit or store card, a mortgage or a loan, for instance, you will undergo a credit check by the loan provider that you are applying to for credit.
A credit check is a method that allows a loan provider to examine your previous and present financial history, which includes whether you take care of your debts on time, are late in making payments, or have missed payments. A credit check also presents additional outstanding amounts and also any County Court Judgements (CCJ's) and other lapses.
This then offers the lender an idea of what degree of risk you will be should they choose to give you credit - and what chances they have of getting the loan paid back! After all, no one desires to offer a loan to someone who doesn't make payments on time or defaults on it entirely! This checking system is referred to as credit scoring.
There are several bodies who store this financial information - the two principle ones are Equifax and Experian.
If you are making a decision about applying for credit, request a copy of your credit file first of all. This will allow you to determine if all the data showing on it is correct and challenge anything that is not right. As an example, only a tiny bit of erroneous information - maybe your report notes an unresolved debt that has been settled - could be the difference between being offered a loan or mortgage - or not.
To get a copy of your file you can contact one of the credit reference agencies. You will be required to pay a small fee (about £2) and you will be sent a copy for you to assess.
Check that your credit record includes you on the electoral roll - if you are not there, this will have a harmful impact on your score. Also, financial 'associations' - where possibly someone who lives with you or previously lived at your address has an unacceptable credit rating - will influence the probability of getting any credit.
If you spot information that is false on your file, get in touch, in writing, with the company who has put down incorrect data about you, and deliver a copy to the credit record agency as well.
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