Consequences Defaulting On A Loan
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When you apply for any sort of credit, whether it is a credit or store card, a loan or a mortgage, for example, you will have to go through a credit check by the creditor from whom you are requesting credit.
A credit check is a way for a potential creditor to see your previous and present financial history, including whether you take care of your debts on time, are late with payments, or have not made payments. A credit check also shows other unpaid debts and also any County Court Judgements (CCJ's) and additional failures.
This then gives the loan provider a report of what sort of financial risk you present if they decide to give you credit - and what chances they have of getting the loan money back! In the end, no lender is keen to offer a loan to someone who won't pay it back on time or not at all! This checking practice is called credit rating.
There are several bodies who hold this information about you - the two principle ones are Equifax and Experian.
If you are thinking about taking out a loan, request a copy of the credit report before anything else. This means that you can determine if all the data in it is correct and query anything that is not right. For instance, even only a little bit of mistaken information - say your file records an unresolved debt that has been settled - could mean the difference between being granted some kind of credit - or not.
In order to get a copy of your file you must get in touch with a credit reference agency. It will cost you a small fee (approximately £2) and a copy will be sent to you for you to look at.
Make sure that your credit record shows you on the electoral roll - if this is not so, this will have a harmful influence on your credit rating. Also, financial 'associations' - where possibly someone who is living with you or lived at your address at one time has a poor credit rating - will have an impact on your likelihood of getting any credit.
If you come across any detail that is false on your file, inform, in writing, the company who has included inaccurate data regarding you, and send a copy to the credit reference agency as well.
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