Do All Loans Have Redemption Policy
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When you apply for a loan or credit of any sort, whether it is a credit or store card, a mortgage or a loan, for example, you will undergo a credit check by the lender through whom you are seeking credit.
A credit check is a tool for a loan provider to evaluate your past and current financial history, which includes whether you settle your debts on time, make overdue payments, or have failed to make payments. A credit check also reveals other outstanding debts and also any County Court Judgements (CCJ's) and other lapses.
Consequently this offers the loan provider an idea of what degree of risk you will be should they decide to lend you money - and what chances they have of getting the money they've lent you back! After all, no company desires to lend money to someone who pays it back late or not at all! This checking process is known as credit rating.
There is a number of organisations who keep this data concerning you - the two main ones are Experian and Equifax.
When you are making a decision about taking out any kind of credit, get hold of a copy of your credit file before anything else. This will enable you to examine if all of your information within it is accurate and question anything that is questionable. For example, just a small piece of mistaken information - say your file shows an outstanding debt that has been dealt with - could sway the decision for getting approved for some kind of credit - or not.
To get hold of your credit record you will need to contact a credit record agency. You will have to pay a small amount (about £2) and a copy will be sent to you for your perusal.
Check that your credit file records you on the electoral roll - if this is not so, this will have a negative consequence for your score. Also, financial 'associations' - where possibly another person who lives with you or who lived at your address before has a low credit score - will have an impact on the probability of getting any credit.
If you come across information that is incorrect on your credit record, report it, in writing, to the company who has given inaccurate data concerning you, and forward a copy to the credit reference agency as well.
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