Consolidation Loans And Overpayments
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When you make a request for a loan or credit of any sort, whether it is a credit card or store card, a mortgage or a loan, for instance, you will undergo a credit check by the loan company from whom you are requesting credit.
A credit check is a method that allows a potential creditor to investigate your previous and present financial history, including whether you pay off your debts on time, make overdue payments, or have missed payments. A credit check also shows additional unsettled debts and any County Court Judgements (CCJ's) and other defaults.
This therefore offers the lender a report of what degree of financial risk you present should they choose to lend to you - and the probability of getting the money back! Naturally, no company is willing to lend money to someone who pays it back late or doesn't pay at all! This checking practice is called credit scoring.
There are some bodies who keep this financial information - the two principle ones are Experian and Equifax.
When you are thinking about borrowing money, get hold of a copy of the credit report first. This will allow you to see if all the data showing on it is correct and point out anything that looks wrong. For instance, only a tiny bit of incorrect information - say your credit report records an unsettled debt that has been dealt with - might be the determining factor for getting accepted for credit - or not.
To get hold of your record you must make contact with one of the credit record agencies. It will cost you a small fee (around £2) and they will send you a copy for you to look through.
Verify that your file shows you on the electoral roll - if you are not on it, this will have an adverse consequence for your score. Also, financial 'associations' - where perhaps another person who is living with you or lived at your address at one time has an inadequate credit rating - will influence the probability of getting any credit.
If you find information that is wrong on your credit record, get in touch, in writing, with the organisation who has listed inaccurate details regarding you, and forward a copy to the credit record agency as well.
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