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When you fill out an application for any sort of credit, whether it is a credit card or store card, a loan or a mortgage, for example, you will have to go through a credit check by the creditor that you are approaching for credit.
A credit check is a tool for a lender to view your past and present financial history, including whether you service your debts on time, make overdue payments, or have neglected payments. A credit check also presents additional outstanding debts and also any County Court Judgements (CCJ's) and other defaults.
This offers the loan company a picture of what degree of financial risk you will be if they determine to give you credit - and the probability of getting the loan paid back! After all, no one wishes to offer money to someone who doesn't make payments on time or defaults on it entirely! This checking process is referred to as credit rating.
There are a few agencies who compile this data concerning you - the major ones are Experian and Equifax.
Should you be thinking about taking out a loan, ask for a copy of the credit report first of all. This is so that you can see if all of your information within it is correct and challenge anything that looks out of place. For example, just a little bit of wrong information - say your credit file indicates an outstanding debt that has been paid - could significantly impact you being offered some kind of credit - or not.
For a copy of your credit file you will need to make contact with one of the credit reference agencies. You will be required to pay a small amount (approximately £2) and they will send you a copy for you to look through.
Verify that your record has you on the electoral roll - if this is not the case, this will have a damaging impact on your credit rating. Also, financial 'associations' - where maybe someone else who lives with you or has lived at your address previously has an unacceptable credit score - will affect the probability of getting any credit.
If you find anything that is false on your credit file, make contact, in writing, with the organisation who has put down faulty details about you, and send a copy to the credit record agency as well.
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