Explain Share Secure Loans
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When you make a request for any sort of credit, whether it is a credit card or store card, a mortgage or a loan, for example, you will be subjected to a credit check by the loan company that you are asking for credit.
A credit check is a method that allows a loan provider to examine your financial history, past and present, which includes whether you settle your financial obligations on time, make late payments, or have missed payments. A credit check also reveals other unpaid debts and any history of County Court Judgements (CCJ's) and other defaults.
This then gives the loan company an idea of what kind of financial risk you present should they choose to lend you money - and what the likelihood is of getting the loan money back! In the end, there is no one who wants to lend money to someone who doesn't make payments on time or defaults on it entirely! This checking practice is termed credit scoring.
There is a number of bodies who have this data about you - the best known are Experian and Equifax.
When you are making a decision about taking out credit, get a copy of your credit file beforehand. This means that you can confirm that all the information showing on it is right and point out anything that looks wrong. For instance, just a small piece of erroneous information - say your credit report indicates an unresolved debt that was covered - could mean the difference between being granted some kind of credit - or not.
To get a copy of your file you can contact one of the credit reference agencies. They will charge you a small fee (around £2) and you will be sent a copy for you to assess.
Confirm that your credit record shows you on the electoral roll - if this is not the case, this will have a damaging impact on your credit score. Also, financial 'associations' - where possibly someone who lives with you or who lived at your address before has a low credit rating - will influence the probability of getting credit.
If you uncover information that is not correct on your credit record, inform, in writing, the organisation who has presented inaccurate data about you, and send a copy to the credit record agency as well.
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