Consolidating Loan Companies
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When you attempt to get 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 from whom you are requesting credit.
A credit check helps a loan company to evaluate your past and present financial history, issues such as whether you meet your financial obligations on time, make overdue payments, or have missed payments. A credit check also indicates additional unsettled debts and any County Court Judgements (CCJ's) and additional defaults.
Consequently this offers the lender details of what degree of financial risk you present should they choose to offer you a loan - and what the chances are of getting their money back! Naturally, nobody desires to lend money to someone who doesn't make payments on time or doesn't pay at all! This checking process is termed credit rating.
There are some bodies who store this data about you - the two main ones are Experian and Equifax.
When you are making a decision about taking out a loan, request a copy of your credit file before anything else. This will give you an opportunity to examine if all the data included in it is accurate and question anything that looks out of place. For example, just a small piece of distorted information - say your file indicates an existing debt that was covered - could mean the difference between getting accepted for a mortgage or loan - or not.
For a copy of your record you will need to approach one of the credit record agencies. They will charge you a small amount (about £2) and you will be sent a copy for you to look through.
Check that your file includes you on the electoral roll - if this is not so, this will have a damaging impact on your credit rating. Also, financial 'associations' - where maybe a person who is living with you or who lived at your address before has a poor credit rating - will affect your chances of getting credit.
If you come across any detail that is wrong on your credit file, contact, in writing, the organisation who has given faulty information concerning you, and forward a copy to the credit reference agency too.
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