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When you make a request for a loan or credit of any sort, 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 company that you are approaching for credit.
A credit check allows a lender to evaluate your previous and present financial history, including whether you settle your financial obligations on time, make late payments, or have missed payments. A credit check also reveals additional outstanding debts and any County Court Judgements (CCJ's) and other lapses.
Consequently this gives the creditor a report of how much risk you will be if they choose to offer you a loan - and what the chances are of getting the money back! Naturally, no one desires to lend 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 some agencies who hold this financial information - the most widely known are Equifax and Experian.
If you are in the process of considering borrowing money, get hold of a copy of the credit report before anything else. This will allow you to confirm that all the information in it is right and question anything that looks out of place. As an example, only a tiny bit of erroneous information - maybe your report notes an unresolved debt that has been paid - could mean the difference between being granted a mortgage or loan - or not.
In order to get a copy of your record you have to get in touch with one of the credit reference agencies. It will cost you a small fee (around £2) and they will send you a copy for you to look at.
Check that your credit record includes you on the electoral roll - if not, this will have a harmful impact on your credit score. Also, financial 'associations' - where possibly someone else who lives with you or lived at your address at one time has a poor credit rating - will have an impact on your chances of getting any credit.
If you see information that is incorrect on your record, get in touch, in writing, with the organisation who has listed faulty data about you, and send out a copy to the credit record agency as well.
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