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When you fill out an application for any sort of credit, whether it's a store card or credit card, a loan or a mortgage, for example, you will undergo a credit check by the loan provider through whom you are seeking credit.
A credit check is a way for a potential creditor to see your past and current financial history, which includes whether you settle your financial obligations on time, make overdue payments, or have neglected payments. A credit check also includes additional outstanding amounts and any County Court Judgements (CCJ's) and other defaults.
Consequently this gives the company an idea of what level of financial risk you present should they choose to lend you money - and the probability of getting the loan paid back! After all, there is no one who wishes to offer a loan to someone who won't pay it back on time or not at all! This checking procedure is termed credit scoring.
There are several bodies who have this information concerning you - the two main ones are Equifax and Experian.
When you are considering borrowing money, request a copy of the credit report before anything else. This is for you to check that all of your information showing on it is correct and query anything that looks wrong. For instance, only a tiny bit of mistaken information - say your report notes an existing debt that has been settled - could mean the difference between getting accepted for credit - or not.
For a copy of your record you have to contact a credit record agency. They will charge you a small fee (around £2) and they will send you a copy for you to assess.
Confirm that your file records you on the electoral roll - if this is not so, this will have a damaging influence on your credit rating. Also, financial 'associations' - where maybe another person who lives with you or lived at your address at one time has an unacceptable credit score - will influence your likelihood of getting any credit.
If you find information that is incorrect on your credit file, get in touch, in writing, with the organisation who has put down wrong details regarding you, and forward a copy to the credit record agency too.
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