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When you apply for any sort of credit, whether it's a store card or credit card, a mortgage or a loan, for instance, you will have to go through a credit check by the loan company that you are asking for credit.
A credit check allows a loan provider to examine your financial history, past and present, which includes whether you settle your financial obligations on time, are late in making payments, or have missed payments. A credit check also reveals additional unresolved debts and also any County Court Judgements (CCJ's) and additional failures.
This then gives the loan provider a picture of what degree of financial risk you present if they choose to offer you a loan - and what chances they have of getting the money they've lent you back! Naturally, no one wishes to give money to someone who pays it back late or not at all! This checking practice is known as credit scoring.
There are several organisations who compile this information concerning you - the major ones are Equifax and Experian.
Should you be considering borrowing money, ask for a copy of your credit file first. This will enable you to examine if all the data within it is accurate and point out anything that is inaccurate. As an example, even only a little bit of distorted information - maybe your report records an unsettled debt that has been paid - could be the difference between getting accepted for a mortgage or loan - or not.
In order to obtain a copy of your file you can make contact with a credit reference agency. It will cost you a small amount (somewhere around £2) and you will be sent a copy for your perusal.
Confirm that your record records you on the electoral roll - if this is not so, this will have a detrimental influence on your credit score. Also, financial 'associations' - where maybe another person who is living with you or previously lived at your address has an inadequate credit score - will affect your capacity to get any credit.
If you spot information that is incorrect on your credit record, get in touch, in writing, with the company who has presented faulty information concerning you, and send a copy to the credit reference agency too.
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