Debt Consolidation Loan Secured On Shared Ownership
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When you make a request for a loan or credit of any sort, whether it's a store card or credit card, a mortgage or a loan, for instance, you will be subjected to a credit check by the company from whom you are requesting credit.
A credit check is a method that allows a financial organisation to evaluate your previous and present financial history, including whether you take care of your debts on time, make late payments, or have neglected payments. A credit check also presents any outstanding debts and any records of County Court Judgements (CCJ's) and other defaults.
Consequently this offers the loan provider an idea of what level of risk you present if they determine to give you credit - and what chances they have of getting their money back! After all, no lender is keen to lend money to someone who pays it back late or defaults on it entirely! This checking system is known as credit rating.
There are a few organisations who have this financial information - the best known are Experian and Equifax.
When you are making a decision about borrowing money, get hold of a copy of your credit file beforehand. This will give you an opportunity to see if all the information within it is accurate and point out anything that looks wrong. As an example, just a little bit of incorrect information - maybe your file mentions an unresolved debt that has been paid - could be the key factor in being granted some kind of credit - or not.
To obtain a copy of your record you have to approach one of the credit reference agencies. You will be charged a small amount (around £2) and a copy will be sent to you for you to look through.
Ensure that your record shows you on the electoral roll - if you are not there, this will have a negative influence on your credit score. Also, financial 'associations' - where possibly someone who is living with you or lived at your address at one time has an inadequate credit score - will affect your chances of getting any credit.
If you spot information that is incorrect on your credit file, report it, in writing, to the company who has put down faulty details regarding you, and send out a copy to the credit reference agency as well.
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