Debt Consolition Loans
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When you attempt to get a loan or credit of any sort, whether it is a credit card or store card, a mortgage or a loan, for example, you will undergo a credit check by the creditor through whom you are seeking credit.
A credit check is a way for a financial organisation to investigate your past and current financial history, which includes whether you service your debts on time, are late in making payments, or have neglected payments. A credit check also presents any unsettled debts and any County Court Judgements (CCJ's) and additional failures.
This therefore offers the creditor a profile of what sort of financial risk you present if they determine to give you credit - and what the chances are of getting the money they've lent you back! After all, no company is willing to offer money to someone who pays it back late or defaults on it entirely! This checking practice is called credit rating.
There are a few organisations who store this data concerning you - the major ones are Experian and Equifax.
When you are considering taking out credit, ask for a copy of the credit report beforehand. This will enable you to check that all of your information within it is accurate and point out anything that is questionable. As an example, just a small piece of distorted information - say your credit report shows an unresolved debt that has been dealt with - could be the key factor in getting accepted for a loan or mortgage - or not.
To obtain a copy of your file you will need to contact one of the credit record agencies. You will be charged a small amount (about £2) and a copy will be sent to you for you to look through.
Ensure that your file has you on the electoral roll - if not, this will have a detrimental influence on your credit score. Also, financial 'associations' - where perhaps someone who is living with you or lived at your address at one time has a weak credit score - will have an influence on the probability of getting any credit.
If you come across any detail that is wrong on your credit file, inform, in writing, the company who has put down faulty data about you, and send a copy to the credit reference agency too.
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