Consolidation Loans For Shared Ownership
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When you make a request for any kind of credit, whether it is a credit or store card, a mortgage or a loan, for example, it will be necessary for you to undergo a credit check by the lender that you are asking for credit.
A credit check allows a loan provider to look at your financial history, past and present, including whether you take care of your debts on time, make overdue payments, or have missed payments. A credit check also includes other outstanding debts and any records of County Court Judgements (CCJ's) and other lapses.
Consequently this offers the creditor a profile of what type of risk you present should they decide to give you credit - and what the likelihood is of getting the loan paid back! Naturally, no company wants to lend to someone who won't pay it back on time or doesn't pay at all! This checking process is termed credit rating.
There are several organisations who compile this information concerning you - the best known are Experian and Equifax.
In the event you are making a decision about applying for credit, request a copy of the credit report first of all. This is for you to determine if all the information showing on it is accurate and challenge anything that is inaccurate. For instance, just a single item of erroneous information - maybe your file shows an unresolved debt that has been paid - could be the difference between being granted credit - or not.
In order to obtain a copy of your file you will need to get in touch with one of the credit record agencies. You will have to pay a small fee (somewhere around £2) and you will be sent a copy for you to assess.
Check that your record shows you on the electoral roll - if you are not on it, this will have a harmful influence on your score. Also, financial 'associations' - where possibly another person who lives with you or has lived at your address previously has an inadequate credit score - will have an impact on your ability to get any credit.
If you see any detail that is not correct on your credit file, make contact, in writing, with the organisation who has put down inaccurate data regarding you, and send out a copy to the credit record agency too.
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