Hsbc Secured Loan
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When you make a request for credit, whether it's a bank credit card or store card, a mortgage or a loan, for example, it will be necessary for you to undergo a credit check by the loan company that you are approaching for credit.
A credit check is a way for a potential creditor to see your past and current financial history, including whether you pay off your debts on time, make overdue payments, or have not made payments. A credit check also reveals other unpaid debts and any history of County Court Judgements (CCJ's) and other lapses.
This gives the creditor a profile of how much financial risk you will be should they choose to lend you money - and what chances they have of getting the loan paid back! In the end, no company is willing to offer money to someone who pays it back late or defaults on it entirely! This checking practice is termed credit rating.
There is a number of bodies who store this information about you - the two principle ones are Equifax and Experian.
When you are considering taking out a loan, obtain a copy of your credit file first. This will allow you to determine if all the information included in it is accurate and question anything that is not right. For instance, just a single item of wrong information - say your credit file records an unsettled debt that was covered - could be the key factor in getting accepted for some kind of credit - or not.
For a copy of your credit record you will need to get in touch with a credit reference agency. You will have to pay a small amount (somewhere around £2) and they will send you a copy for you to look at.
Confirm that your record records you on the electoral roll - if this is not so, this will have a negative impact on your score. Also, financial 'associations' - where maybe another person who is living with you or lived at your address at one time has an inadequate credit score - will affect your capacity to get any credit.
If you see anything that is wrong on your credit record, inform, in writing, the company who has included faulty details about you, and send a copy to the credit record agency too.
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