Car Loan Consolidation Transferring A Car Loan To Another Person
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When you apply for any credit, whether it is a credit or store card, a loan or a mortgage, for instance, you will be subjected to a credit check by the company through whom you are seeking credit.
A credit check is a method that allows a lender to investigate your past and present financial history, which includes whether you take care of your debts on time, make late payments, or have missed payments. A credit check also indicates any outstanding amounts and any history of County Court Judgements (CCJ's) and additional failures.
Consequently this gives the loan provider a picture of what sort of risk you present should they decide to lend you money - and what the chances are of getting the money back! Of course, no company wants to lend money to someone who doesn't make payments on time or not at all! This checking practice is referred to as credit scoring.
There are a few bodies who have this financial information - the two main ones are Experian and Equifax.
When you are considering applying for credit, obtain a copy of the credit report beforehand. This means that you can examine if all the data within it is accurate and challenge anything that is questionable. As an example, only a tiny bit of incorrect information - say your credit file shows an outstanding debt that has been settled - might be the determining factor for being approved for credit - or not.
To obtain a copy of your credit file you must make contact with one of the credit record agencies. It will cost you a small fee (approximately £2) and they will send you a copy for you to assess.
Ensure that your file has you on the electoral roll - if you are not on it, this will have an adverse effect on your credit rating. Also, financial 'associations' - where perhaps a person who is living with you or has lived at your address previously has a weak credit rating - will have an impact on your likelihood of getting any credit.
If you uncover any detail that is wrong on your credit record, inform, in writing, the organisation who has given faulty details regarding you, and forward a copy to the credit reference agency too.
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