Cheapest Loan Over Two Years
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When you make a request for any kind of credit, whether it is a credit card or store card, a loan or a mortgage, for instance, it will be necessary for you to undergo a credit check by the creditor from whom you are requesting credit.
A credit check is a means for a financial organisation to examine your past and current financial history, including whether you pay off your debts on time, make overdue payments, or have failed to make payments. A credit check also presents additional unresolved debts and also any County Court Judgements (CCJ's) and other defaults.
This then offers the company a report of how much risk you present should they choose to give you credit - and what the likelihood is of getting the money they've lent you back! In the end, no lender wants to offer a loan to someone who pays it back late or defaults on it entirely! This checking practice is termed credit scoring.
There are a few agencies who store this financial information - the most widely known are Equifax and Experian.
In the event you are making a decision about borrowing money, get a copy of the credit report before anything else. This is for you to confirm that all of your information in it is correct and challenge anything that is questionable. For instance, even only a little bit of wrong information - say your file mentions an unresolved debt that has been dealt with - could sway the decision for getting accepted for a loan or mortgage - or not.
To obtain a copy of your record you will need to contact a credit reference agency. You will have to pay a small amount (somewhere around £2) and you will be sent a copy for you to look through.
Confirm that your file includes you on the electoral roll - if not, this will have an adverse consequence for your credit score. Also, financial 'associations' - where perhaps someone else who is living with you or has lived at your address previously has an unacceptable credit score - will have an influence on your likelihood of getting credit.
If you find any detail that is incorrect on your credit record, make contact, in writing, with the organisation who has presented wrong information concerning you, and send a copy to the credit record agency too.
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