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When you attempt to get a loan or credit of any sort, whether it's a store card or credit card, a mortgage or a loan, for example, you will have to go through a credit check by the creditor that you are applying to for credit.
A credit check is a means for a loan provider to look at your financial history, past and present, issues such as whether you settle your debts on time, make late payments, or have failed to make payments. A credit check also includes additional unresolved debts and any County Court Judgements (CCJ's) and additional failures.
This then offers the company details of what degree of risk you present if they determine to lend you money - and the probability of getting the loan paid back! In the end, no one wishes to lend to someone who pays it back late or not at all! This checking procedure is termed credit rating.
There are several bodies who keep this information about you - the most widely known are Equifax and Experian.
When you are considering taking out any kind of credit, get a copy of your credit file before anything else. This is for you to check that all the data showing on it is correct and challenge anything that is not right. For example, even just one bit of distorted information - say your report shows an unsettled debt that was covered - might be the determining factor for being granted a mortgage or loan - or not.
In order to get a copy of your file you can get in touch with one of the credit reference agencies. It will cost you a small fee (somewhere around £2) and they will send you a copy for you to assess.
Check that your record 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 is living with you or previously lived at your address has a poor credit score - will have an influence on your ability to get any credit.
If you see information that is wrong on your credit file, report it, in writing, to the organisation who has presented inaccurate information about you, and forward a copy to the credit reference agency too.
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