Compare The Best Low Rate Apr Loan
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When you attempt to get any sort of credit, whether it is a credit card or store card, a loan or a mortgage, for instance, you will undergo a credit check by the lender that you are asking for credit.
A credit check allows a potential creditor to examine your previous and present financial history, issues such as whether you settle your financial obligations on time, make late payments, or have missed payments. A credit check also reveals any unsettled debts and any history of County Court Judgements (CCJ's) and other lapses.
This then offers the lender a report of what degree of risk you will be if they choose to give you a loan - and what the chances are of getting the loan money back! In the end, nobody is willing to lend to someone who pays it back late or defaults on it entirely! This checking procedure is called credit rating.
There is a number of bodies who compile this financial information - the two main ones are Equifax and Experian.
When you are making a decision about borrowing money, request a copy of the credit report beforehand. This will allow you to examine if all the information within it is accurate and point out anything that looks wrong. For example, even just one bit of erroneous information - say your credit report mentions an unresolved debt that has been dealt with - could significantly impact you getting accepted for a mortgage or loan - or not.
For a copy of your credit record you have to approach one of the credit reference agencies. You will be required to pay a small amount (somewhere around £2) and a copy will be sent to you for you to assess.
Verify that your record shows you on the electoral roll - if not, this will have a harmful influence on your credit score. Also, financial 'associations' - where perhaps a person who lives with you or has lived at your address previously has a poor credit rating - will affect your likelihood of getting any credit.
If you notice data that is wrong on your credit file, contact, in writing, the company who has included incorrect information concerning you, and deliver a copy to the credit reference agency as well.
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