Different Types Of Home Loans Explain
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When you apply for any sort of credit, whether it's a bank credit card or store card, a loan or a mortgage, for instance, you will have to go through a credit check by the loan provider that you are asking for credit.
A credit check is a means for a potential creditor to see your financial history, past and present, which includes whether you meet your financial obligations on time, are late in making payments, or have missed payments. A credit check also indicates other unpaid debts and any County Court Judgements (CCJ's) and other lapses.
Consequently this gives the company a picture of what sort of risk you present if they determine to give you credit - and what chances they have of getting the money back! After all, no company wants to offer money to someone who doesn't make payments on time or defaults on it entirely! This checking procedure is termed credit scoring.
There are a few agencies who keep this financial information - the major ones are Experian and Equifax.
If you are thinking about borrowing money, get a copy of the credit report first of all. This is for you to confirm that all the data showing on it is accurate and challenge anything that is inaccurate. For example, just a single item of distorted information - say your credit report notes an unresolved debt that was paid - could significantly impact you being approved for a mortgage or loan - or not.
In order to get a copy of your record you have to contact a credit record agency. You will be required to pay a small amount (around £2) and you will be sent a copy for you to look through.
Make sure that your credit record shows you on the electoral roll - if you are not there, this will have a negative consequence for your score. Also, financial 'associations' - where perhaps another person who is living with you or has lived at your address previously has a low credit rating - will have an influence on your chances of getting credit.
If you come across any detail that is incorrect on your file, inform, in writing, the company who has presented inaccurate data about you, and deliver a copy to the credit record agency too.
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