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When you attempt to get any credit, whether it's a store card or credit card, a loan or a mortgage, for example, you will have to go through a credit check by the loan company from whom you are requesting credit.
A credit check is a way for a lender to see your previous and present financial history, which includes whether you service your debts on time, are late in making payments, or have missed payments. A credit check also presents additional unpaid debts and any history of County Court Judgements (CCJ's) and other defaults.
Consequently this gives the loan provider a picture of how much risk you will be if they decide to offer you a loan - and what chances they have of getting the loan paid back! After all, no company desires to offer money to someone who pays it back late or defaults on it entirely! This checking process is referred to as credit scoring.
There are several bodies who have this information concerning you - the two main ones are Equifax and Experian.
In the event you are considering taking out any kind of credit, obtain a copy of the credit report first of all. This will enable you to determine if all the information included in it is accurate and question anything that is not right. For instance, even only a little bit of erroneous information - maybe your file mentions an unresolved debt that was paid - could significantly impact you getting accepted for a loan or mortgage - or not.
To get hold of your record you can contact one of the credit record agencies. They will charge you a small fee (around £2) and they will send you a copy for you to look through.
Check that your credit file has you on the electoral roll - if you are not on it, this will have a damaging consequence for your score. Also, financial 'associations' - where possibly someone who lives with you or who lived at your address before has an unacceptable credit score - will affect the probability of getting credit.
If you notice information that is false on your credit file, contact, in writing, the company who has given inaccurate data concerning you, and deliver a copy to the credit reference agency too.
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