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When you fill out an application for a loan or credit of any sort, whether it is a credit card or store card, a mortgage or a loan, for example, it will be necessary for you to undergo a credit check by the lender that you are approaching for credit.
A credit check is a method that allows a financial organisation to examine your previous and present financial history, issues such as whether you settle your financial obligations on time, are late in making payments, or have failed to make payments. A credit check also shows any unpaid debts and any records of County Court Judgements (CCJ's) and other defaults.
This then gives the loan company a profile of what degree of financial risk you present should they choose to lend to you - and the probability of getting the money back! After all, no company is keen to lend money to someone who won't pay it back on time or defaults on it entirely! This checking system is referred to as credit scoring.
There are a few bodies who keep this financial information - the best known are Experian and Equifax.
If you are in the process of considering taking out any kind of credit, obtain a copy of the credit report first. This will enable you to check that all the information on it is accurate and point out anything that looks wrong. For example, just a single item of incorrect information - say your credit report notes an unsettled debt that has been settled - could sway the decision for being granted a mortgage or loan - or not.
To obtain a copy of your record you will need to go through one of the credit record agencies. You will be required to pay a small amount (about £2) and a copy will be sent to you for you to look through.
Verify that your credit record includes you on the electoral roll - if you are not there, this will have a negative influence on your credit score. Also, financial 'associations' - where maybe someone else who is living with you or has lived at your address previously has an inadequate credit rating - will have an impact on your likelihood of getting credit.
If you see any detail that is false on your credit file, report it, in writing, to the company who has given wrong details about you, and forward a copy to the credit reference agency too.
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