List Of UK Loan Companys
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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 be subjected to a credit check by the creditor through whom you are seeking credit.
A credit check is a tool for a financial organisation to investigate your past and current financial history, including whether you take care of your debts on time, are late in making payments, or have missed payments. A credit check also includes other outstanding amounts and also any County Court Judgements (CCJ's) and additional defaults.
This then offers the loan company details of what sort of risk you present if they determine to lend you money - and the probability of getting the money back! In the end, no lender is keen to offer a loan to someone who doesn't make payments on time or not at all! This checking practice is known as credit scoring.
There are several bodies who keep this information about you - the two principle ones are Equifax and Experian.
In the event you are thinking about taking out a loan, get a copy of your credit file first. This means that you can determine if all the information showing on it is right and point out anything that is inaccurate. As an example, even just one bit of erroneous information - say your credit report indicates an unresolved debt that has been paid - could sway the decision for being offered a loan or mortgage - or not.
In order to obtain a copy of your credit file you will need to get in touch with one of the credit reference agencies. You will be charged a small amount (approximately £2) and they will send you a copy for your perusal.
Confirm that your credit record records you on the electoral roll - if this is not so, this will have a damaging impact on your credit rating. Also, financial 'associations' - where perhaps someone who is living with you or lived at your address at one time has an unacceptable credit rating - will have an impact on your capacity to get any credit.
If you uncover data that is wrong on your record, make contact, in writing, with the company who has given faulty details about you, and send a copy to the credit record agency too.
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