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When you attempt to get any credit, whether it is a credit card or store card, a loan or a mortgage, for instance, you will undergo a credit check by the loan company through whom you are seeking credit.
A credit check is a way for a lender to evaluate your past and current financial history, issues such as whether you service your debts on time, are late in making payments, or have missed payments. A credit check also indicates additional unpaid debts and any records of County Court Judgements (CCJ's) and additional defaults.
This therefore offers the company details of what sort of risk you present if they choose to lend you money - and what the chances are of getting the loan money back! Naturally, no company desires to lend to someone who pays it back late or doesn't pay at all! This checking process is known as credit rating.
There are several organisations who have this financial information - the most widely known are Equifax and Experian.
When you are making a decision about taking out credit, obtain a copy of the credit report first of all. This means that you can examine if all of your information within it is right and query anything that is not right. For example, only a tiny bit of wrong information - say your file mentions an outstanding debt that was paid - could mean the difference between being approved for some kind of credit - or not.
In order to get a copy of your file you have to make contact with one of the credit record agencies. You will be required to pay a small amount (somewhere around £2) and a copy will be sent to you for you to assess.
Ensure that your credit file records you on the electoral roll - if this is not the case, this will have an adverse impact on your score. Also, financial 'associations' - where perhaps someone else who is living with you or who lived at your address before has a low credit score - will influence your capacity to get credit.
If you spot any detail that is incorrect on your record, get in touch, in writing, with the organisation who has given inaccurate information regarding you, and forward a copy to the credit reference agency too.
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