Fixed Unsucured Low Rate Loans
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When you attempt to get any kind of credit, whether it is a credit or store card, a loan or a mortgage, for example, you will be subjected to a credit check by the loan provider that you are approaching for credit.
A credit check is a means for a potential creditor to look at your previous and present financial history, issues such as whether you take care of your debts on time, are late with payments, or have missed payments. A credit check also presents additional outstanding amounts and any County Court Judgements (CCJ's) and additional failures.
This therefore gives the loan company a report of what sort of risk you will be should they choose to offer you a loan - and what the chances are of getting their money back! Naturally, no company wishes to lend money to someone who doesn't make payments on time or defaults on it entirely! This checking procedure is termed credit scoring.
There are several bodies who compile this information concerning you - the major ones are Experian and Equifax.
If you are in the process of considering taking out a loan, request a copy of your credit file beforehand. This is for you to see if all the information within it is right and question anything that is questionable. For example, just a small piece of wrong information - maybe your file shows an unpaid debt that was paid - could significantly impact you being offered a mortgage or loan - or not.
For a copy of your file you can approach one of the credit reference agencies. It will cost you a small amount (around £2) and they will send you a copy for your perusal.
Confirm that your credit file includes you on the electoral roll - if this is not so, this will have a harmful influence on your credit score. Also, financial 'associations' - where possibly someone else who lives with you or who lived at your address before has a low credit rating - will have an impact on your chances of getting credit.
If you see anything that is wrong on your credit file, inform, in writing, the organisation who has listed wrong details concerning you, and deliver a copy to the credit record agency too.
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