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When you attempt to get any credit, whether it's a store card or credit card, a loan or a mortgage, for instance, it will be necessary for you to undergo a credit check by the lender that you are applying to for credit.
A credit check is a method that allows a potential creditor to see your past and current financial history, issues such as whether you settle your financial obligations on time, are late with payments, or have not made payments. A credit check also presents other unpaid debts and any records of County Court Judgements (CCJ's) and other defaults.
This then offers the company a profile of what kind of risk you present if they determine to lend to you - and what the likelihood is of getting their money back! Of course, nobody is keen to lend to someone who doesn't make payments on time or defaults on it entirely! This checking system is termed credit scoring.
There are several organisations who hold this information concerning you - the two principle ones are Equifax and Experian.
In the event you are thinking about borrowing money, request a copy of your credit file beforehand. This is for you to check that all the information on it is right and question anything that looks out of place. For example, just a single item of mistaken information - say your credit report notes an existing debt that was covered - could be the difference between getting accepted for a loan or mortgage - or not.
To get a copy of your credit file you can contact one of the credit reference agencies. You will be required to pay a small amount (about £2) and you will be sent a copy for you to look at.
Check that your file shows you on the electoral roll - if you are not on it, this will have a negative effect on your credit score. Also, financial 'associations' - where maybe another person who is living with you or previously lived at your address has an unacceptable credit rating - will have an impact on your chances of getting any credit.
If you see information that is wrong on your credit record, contact, in writing, the company who has presented wrong information about you, and deliver a copy to the credit reference agency as well.
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