Who Do Loan Companies Loan From
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When you apply for any sort of credit, whether it's a store card or credit card, a mortgage or a loan, for instance, you will undergo a credit check by the company from whom you are requesting credit.
A credit check allows a loan provider to investigate your previous and present financial history, issues such as whether you settle your financial obligations on time, are late with payments, or have missed payments. A credit check also shows additional unsettled debts and also any County Court Judgements (CCJ's) and additional failures.
This gives the lender an idea of what degree of risk you will be if they decide to give you a loan - and what the chances are of getting the money they've lent you back! In the end, no one desires to offer a loan to someone who pays it back late or defaults on it entirely! This checking system is referred to as credit scoring.
There are several organisations who compile this data concerning you - the major ones are Experian and Equifax.
Should you be making a decision about borrowing money, obtain a copy of the credit report first of all. This is for you to check that all the information within it is right and point out anything that looks out of place. As an example, even just one bit of wrong information - say your credit report shows an existing debt that has been dealt with - could be the key factor in being approved for a loan or mortgage - or not.
To obtain a copy of your credit file you can go through one of the credit record agencies. You will be charged a small amount (around £2) and a copy will be sent to you for you to look at.
Ensure that your credit record records you on the electoral roll - if this is not so, this will have an adverse influence on your credit score. Also, financial 'associations' - where maybe another person who lives with you or has lived at your address previously has an inadequate credit rating - will have an influence on your chances of getting any credit.
If you find anything that is false on your record, make contact, in writing, with the company who has listed incorrect details regarding you, and forward a copy to the credit reference agency as well.
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