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When you make a request for credit, whether it is a credit or store card, a mortgage or a loan, for instance, you will have to go through a credit check by the lender that you are applying to for credit.
A credit check helps a loan provider to view your financial history, past and present, issues such as whether you meet your financial obligations on time, make late payments, or have missed payments. A credit check also reveals additional outstanding debts and also any County Court Judgements (CCJ's) and additional defaults.
Consequently this gives the company an idea of what type of financial risk you will be if they choose to give you credit - and the probability of getting the money back! Naturally, no company wants to offer money to someone who pays it back late or doesn't pay at all! This checking procedure is called credit scoring.
There are a few bodies who hold this data concerning you - the two principle ones are Experian and Equifax.
When you are thinking about borrowing money, get hold of a copy of the credit report first. This will enable you to see if all the data showing on it is correct and question anything that is inaccurate. For example, just a single item of distorted information - maybe your report notes an unresolved debt that was paid - could be the key factor in being approved for some kind of credit - or not.
In order to get a copy of your credit record you have to contact a credit record agency. You will be charged a small fee (around £2) and they will send you a copy for you to look at.
Make sure that your record includes you on the electoral roll - if you are not on it, this will have a negative consequence for your credit rating. Also, financial 'associations' - where maybe a person who lives with you or previously lived at your address has a poor credit rating - will affect the probability of getting credit.
If you see any detail that is incorrect on your credit file, inform, in writing, the company who has presented wrong information concerning you, and forward a copy to the credit record agency too.
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