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When you make a request for any sort of credit, whether it's a store card or credit card, a mortgage or a loan, for instance, you will have to go through a credit check by the loan provider from whom you are requesting credit.
A credit check is a tool for a lender to look at your financial history, past and present, including whether you settle your financial obligations on time, make late payments, or have missed payments. A credit check also includes additional unsettled debts and also any County Court Judgements (CCJ's) and other defaults.
Consequently this offers the loan company details of what kind of risk you will be if they determine to offer you a loan - and what chances they have of getting the money back! After all, there is no one who desires to give money to someone who pays it back late or defaults on it entirely! This checking procedure is called credit scoring.
There are several bodies who store this data concerning you - the two principle ones are Experian and Equifax.
In the event you are considering applying for credit, obtain a copy of the credit report beforehand. This is so that you can check that all the information in it is right and query anything that looks out of place. For instance, just a single item of mistaken information - say your credit report indicates an existing debt that was paid - could be the key factor in being approved for a loan or mortgage - or not.
In order to get a copy of your credit record you will need to contact a credit record agency. You will have to pay a small amount (about £2) and a copy will be sent to you for you to look through.
Ensure that your file includes you on the electoral roll - if this is not so, this will have a damaging impact on your score. Also, financial 'associations' - where maybe someone else who lives with you or who lived at your address before has an inadequate credit rating - will influence the probability of getting any credit.
If you uncover anything that is wrong on your credit record, get in touch, in writing, with the organisation who has included incorrect data concerning you, and send a copy to the credit reference agency as well.
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