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When you fill out an application for any sort of credit, whether it is a credit card or store card, a loan or a mortgage, for instance, you will have to go through a credit check by the loan company that you are approaching for credit.
A credit check is a means for a loan provider to look at your previous and present financial history, issues such as whether you take care of your debts on time, make overdue payments, or have neglected payments. A credit check also reveals any unresolved debts and any history of County Court Judgements (CCJ's) and other defaults.
This gives the company an idea of what degree of risk you will be if they determine to lend to you - and what the chances are of getting the loan paid back! Naturally, no company wants to give money to someone who won't pay it back on time or defaults on it entirely! This checking procedure is called credit rating.
There is a number of agencies who have this data concerning you - the most widely known are Experian and Equifax.
If you are in the process of making a decision about taking out a loan, get a copy of your credit file before anything else. This means that you can confirm that all the information showing on it is accurate and challenge anything that is not right. For instance, just a little bit of incorrect information - maybe your report notes an unresolved debt that was covered - could be the difference between getting accepted for credit - or not.
In order to obtain a copy of your credit file you can make contact with one of the credit record agencies. You will have to pay a small fee (approximately £2) and they will send you a copy for you to look through.
Make sure that your file includes you on the electoral roll - if you are not on it, this will have an adverse effect on your credit score. Also, financial 'associations' - where perhaps someone who lives with you or lived at your address at one time has an inadequate credit score - will affect your capacity to get any credit.
If you see data that is false on your record, get in touch, in writing, with the company who has listed wrong data about you, and send out a copy to the credit reference agency too.
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