Debt Consolidation Loans For Single Parents
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When you attempt to get credit, whether it is a credit card or store card, a loan or a mortgage, for example, you will undergo a credit check by the lender that you are asking for credit.
A credit check helps a loan provider to look at your financial history, past and present, which includes whether you take care of your debts on time, are late with payments, or have not made payments. A credit check also shows any outstanding amounts and any records of County Court Judgements (CCJ's) and additional failures.
Consequently this gives the loan provider a picture of what type of risk you present if they determine to give you a loan - and what chances they have of getting the money they've lent you back! In the end, no one is keen to lend money to someone who pays it back late or defaults on it entirely! This checking practice is known as credit rating.
There are some organisations who store this information concerning you - the two main ones are Equifax and Experian.
If you are in the process of thinking about taking out credit, get a copy of your credit file first of all. This is so that you can see if all of your information included in it is right and point out anything that is inaccurate. As an example, even only a little bit of mistaken information - say your credit report mentions an unsettled debt that has been dealt with - could mean the difference between being offered some kind of credit - or not.
To get a copy of your file you must approach a credit record agency. You will be required to pay a small amount (around £2) and they will send you a copy for you to look at.
Check that your credit record has you on the electoral roll - if you are not there, this will have a detrimental influence on your credit rating. Also, financial 'associations' - where possibly a person who lives with you or previously lived at your address has a weak credit score - will have an impact on your ability to get any credit.
If you spot data that is not correct on your file, report it, in writing, to the organisation who has listed wrong details concerning you, and send a copy to the credit record agency as well.
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