Fixed Rate Secured Loans
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When you make a request for a loan or credit of any sort, whether it's a bank credit card or store card, a mortgage or a loan, for instance, you will have to go through a credit check by the loan provider that you are approaching for credit.
A credit check is a way for a loan provider to investigate your past and present financial history, including whether you pay off your debts on time, are late with payments, or have not made payments. A credit check also presents any unsettled debts and any history of County Court Judgements (CCJ's) and other defaults.
Consequently this gives the loan provider a profile of how much financial risk you will be should they choose to give you credit - and what chances they have of getting the money back! Of course, there is no one who desires to give money to someone who pays it back late or not at all! This checking practice is known as credit scoring.
There are some organisations who have this information about you - the major ones are Equifax and Experian.
If you are considering taking out a loan, request a copy of your credit file before anything else. This is so that you can examine if all the information included in it is accurate and point out anything that is inaccurate. As an example, even just one bit of distorted information - maybe your file indicates an unresolved debt that was covered - could be the difference between being approved for some kind of credit - or not.
To obtain a copy of your record you will need to get in touch with one of the credit reference agencies. They will charge you a small fee (about £2) and a copy will be sent to you for your perusal.
Confirm that your record includes you on the electoral roll - if you are not there, this will have a negative impact on your credit score. Also, financial 'associations' - where maybe someone who lives with you or has lived at your address previously has an inadequate credit score - will have an influence on your capacity to get any credit.
If you notice information that is false on your credit file, contact, in writing, the company who has presented incorrect data about you, and forward a copy to the credit reference agency as well.
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