Debt Consolidation Loan 24000
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When you apply for any 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 company that you are approaching for credit.
A credit check is a tool for a financial organisation to evaluate your previous and present financial history, issues such as whether you settle your financial obligations on time, are late in making payments, or have missed payments. A credit check also presents other unsettled debts and any history of County Court Judgements (CCJ's) and additional defaults.
This gives the loan company an idea of how much financial risk you present should they choose to give you credit - and what the chances are of getting their money back! In the end, no company is keen to give money to someone who pays it back late or doesn't pay at all! This checking process is called credit scoring.
There are some bodies who compile this data about you - the major ones are Equifax and Experian.
If you are in the process of considering taking out a loan, ask for a copy of the credit report beforehand. This will enable you to examine if all the data in it is accurate and question anything that is inaccurate. For example, just a single item of mistaken information - say your file notes an outstanding debt that was paid - could be the key factor in being granted credit - or not.
In order to get a copy of your file you have to get in touch with a credit record agency. They will charge you a small amount (somewhere around £2) and a copy will be sent to you for you to look at.
Verify that your credit record has you on the electoral roll - if you are not there, this will have an adverse consequence for your credit score. Also, financial 'associations' - where perhaps someone who is living with you or has lived at your address previously has a weak credit rating - will affect your ability to get credit.
If you uncover anything that is wrong on your file, inform, in writing, the company who has presented faulty data regarding you, and forward a copy to the credit record agency too.
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