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When you fill out an application for any sort of credit, whether it's a store card or credit card, a mortgage or a loan, for instance, you will have to go through a credit check by the lender through whom you are seeking credit.
A credit check is a way for a loan provider to examine your past and current financial history, issues such as whether you take care of your debts on time, make late payments, or have not made payments. A credit check also reveals additional unresolved debts and any County Court Judgements (CCJ's) and additional defaults.
Consequently this gives the loan company a report of what kind of financial risk you present should they choose to give you a loan - and what the likelihood is of getting the money back! Of course, there is no one who is willing to give money to someone who pays it back late or not at all! This checking practice is known as credit scoring.
There are several organisations who store this financial information - the major ones are Equifax and Experian.
If you are making a decision about applying for credit, request a copy of your credit file first of all. This means that you can confirm that all the data showing on it is accurate and challenge anything that is inaccurate. For example, even just one bit of erroneous information - maybe your file indicates an unresolved debt that was covered - could be the key factor in being granted a loan or mortgage - or not.
To obtain a copy of your file you will need to contact a credit reference agency. You will have to pay a small amount (somewhere around £2) and you will be sent a copy for you to look through.
Check that your file shows you on the electoral roll - if this is not so, this will have a detrimental effect on your credit score. Also, financial 'associations' - where possibly a person who is living with you or has lived at your address previously has an inadequate credit score - will affect the probability of getting any credit.
If you find information that is wrong on your credit file, report it, in writing, to the organisation who has put down faulty data concerning you, and forward a copy to the credit record agency as well.
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