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When you fill out an application for any kind of 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 loan provider that you are applying to for credit.
A credit check helps a financial organisation to examine your financial history, past and present, including whether you pay off your debts on time, are late in making payments, or have missed payments. A credit check also reveals any unpaid debts and any County Court Judgements (CCJ's) and other lapses.
This therefore gives the lender a report of what level of risk you present if they determine to lend you money - and what chances they have of getting their money back! Naturally, nobody is keen to lend to someone who pays it back late or defaults on it entirely! This checking procedure is known as credit rating.
There are several organisations who store this information concerning you - the two principle ones are Equifax and Experian.
In the event you are making a decision about applying for credit, ask for a copy of your credit file before anything else. This will allow you to confirm that all of your information on it is right and challenge anything that looks wrong. For example, just a small piece of erroneous information - say your report shows an unsettled debt that has been paid - could sway the decision for being granted a mortgage or loan - or not.
In order to obtain a copy of your record you have to approach one of the credit record agencies. You will be charged a small fee (somewhere around £2) and a copy will be sent to you for you to look through.
Verify that your credit file shows you on the electoral roll - if not, this will have a damaging consequence for your credit score. Also, financial 'associations' - where possibly another person who is living with you or previously lived at your address has a low credit score - will have an impact on your capacity to get any credit.
If you spot anything that is incorrect on your file, report it, in writing, to the organisation who has listed incorrect information regarding you, and deliver a copy to the credit record agency as well.
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