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When you attempt to get any credit, whether it's a bank credit card or store card, a mortgage or a loan, for instance, you will have to go through a credit check by the loan company through whom you are seeking credit.
A credit check allows a loan provider to examine your financial history, past and present, issues such as whether you pay off your debts on time, are late with payments, or have failed to make payments. A credit check also indicates additional outstanding debts and any history of County Court Judgements (CCJ's) and additional failures.
This therefore gives the company an idea of what degree of financial risk you present should they decide to give you credit - and what chances they have of getting the loan money back! Naturally, there is no one who desires to offer a loan to someone who pays it back late or defaults on it entirely! This checking process is called credit rating.
There are several organisations who have this data about you - the two main ones are Equifax and Experian.
If you are in the process of making a decision about taking out any kind of credit, ask for a copy of your credit file first of all. This will enable you to check that all the data in it is accurate and challenge anything that is not right. As an example, even only a little bit of mistaken information - say your credit report indicates an unsettled debt that has been dealt with - might be the determining factor for being approved for some kind of credit - or not.
In order to get a copy of your file you must approach one of the credit reference agencies. You will be required to pay a small amount (approximately £2) and you will be sent a copy for you to assess.
Confirm that your credit record has you on the electoral roll - if this is not so, this will have a negative impact on your credit score. Also, financial 'associations' - where maybe someone else who is living with you or who lived at your address before has a weak credit score - will have an influence on your ability to get credit.
If you notice information that is false on your record, make contact, in writing, with the company who has listed incorrect information regarding you, and send out a copy to the credit reference agency too.
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