Debt Consolidation Secured Loans
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When you make an application for any credit, whether it's a store card or credit card, a loan or a mortgage, for instance, you will have to go through a credit check by the company that you are approaching for credit.
A credit check is a method that allows a financial organisation to evaluate your previous and present financial history, which includes whether you pay off your debts on time, are late with payments, or have neglected payments. A credit check also indicates other outstanding debts and also any County Court Judgements (CCJ's) and other defaults.
This gives the creditor a profile of what type of risk you will be if they choose to lend to you - and what the chances are of getting the money they've lent you back! Naturally, there is no one who is willing to lend to someone who won't pay it back on time or defaults on it entirely! This checking system is termed credit rating.
There are some agencies who have this information about you - the two main ones are Experian and Equifax.
If you are in the process of thinking about applying for credit, request a copy of the credit report beforehand. This will enable you to determine if all the information in it is right and question anything that is questionable. For example, only a tiny bit of erroneous information - say your file mentions an unpaid debt that was paid - might be the determining factor for getting approved for some kind of credit - or not.
For a copy of your file you must get in touch with one of the credit record agencies. You will be charged a small amount (somewhere around £2) and a copy will be sent to you for your perusal.
Make sure that your credit record shows you on the electoral roll - if you are not on it, this will have a damaging influence on your score. Also, financial 'associations' - where perhaps someone who is living with you or who lived at your address before has an unacceptable credit score - will have an influence on your chances of getting any credit.
If you come across data that is false on your credit record, make contact, in writing, with the organisation who has given inaccurate information about you, and deliver a copy to the credit record agency too.
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