Credit Consolidation Loans Guranteed
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When you make an application for any kind of credit, whether it is a credit or store card, a mortgage or a loan, for example, you will be subjected to a credit check by the creditor that you are approaching for credit.
A credit check helps a potential creditor to see your previous and present financial history, issues such as whether you take care of your debts on time, are late with payments, or have not made payments. A credit check also reveals additional unsettled debts and any records of County Court Judgements (CCJ's) and other defaults.
This offers the creditor a report of what sort of risk you present should they decide to give you credit - and what the likelihood is of getting their money back! Naturally, nobody is keen to offer money to someone who won't pay it back on time or doesn't pay at all! This checking practice is referred to as credit scoring.
There are some organisations who have this data about you - the two principle ones are Equifax and Experian.
If you are making a decision about taking out any kind of credit, get hold of a copy of the credit report before anything else. This will allow you to see if all of your information in it is right and point out anything that is inaccurate. For example, just a single item of erroneous information - say your file mentions an unpaid debt that has been paid - could be the key factor in getting accepted for a mortgage or loan - or not.
To obtain a copy of your credit record you have to make contact with one of the credit record agencies. They will charge you a small amount (about £2) and they will send you a copy for you to look through.
Make sure that your credit record includes you on the electoral roll - if not, this will have a negative effect on your credit score. Also, financial 'associations' - where perhaps someone who lives with you or who lived at your address before has a weak credit score - will affect your ability to get any credit.
If you notice data that is false on your file, make contact, in writing, with the organisation who has included faulty data regarding you, and send a copy to the credit reference agency as well.
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