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When you attempt to get credit, whether it's a bank credit card or store card, a loan or a mortgage, for instance, you will undergo a credit check by the creditor that you are applying to for credit.
A credit check is a means for a lender to investigate your past and present financial history, including whether you service your debts on time, make overdue payments, or have failed to make payments. A credit check also includes other outstanding amounts and any records of County Court Judgements (CCJ's) and additional defaults.
This therefore gives the creditor an idea of how much risk you will be if they choose to lend to you - and what the chances are of getting their money back! Naturally, no company wishes to lend to someone who pays it back late or doesn't pay at all! This checking procedure is referred to as credit scoring.
There are some bodies who hold this information about you - the two principle ones are Experian and Equifax.
Should you be thinking about borrowing money, obtain a copy of your credit file before anything else. This means that you can confirm that all of your information showing on it is correct and question anything that is questionable. As an example, just a single item of mistaken information - say your report mentions an existing debt that was covered - could be the key factor in getting approved for credit - or not.
To get a copy of your credit file you can approach a credit reference agency. You will be charged a small fee (somewhere around £2) and you will be sent a copy for your perusal.
Ensure that your file includes you on the electoral roll - if you are not on it, this will have a negative consequence for your credit score. Also, financial 'associations' - where maybe someone else who lives with you or previously lived at your address has an inadequate credit score - will affect your capacity to get credit.
If you notice data that is wrong on your file, contact, in writing, the organisation who has given incorrect data concerning you, and send a copy to the credit reference agency as well.
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