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When you make a request for any sort of credit, whether it's a store card or credit card, a mortgage or a loan, for instance, you will undergo a credit check by the creditor that you are asking for credit.
A credit check is a tool for a financial organisation to look at your past and present financial history, which includes whether you meet your financial obligations on time, make late payments, or have neglected payments. A credit check also presents additional outstanding amounts and any County Court Judgements (CCJ's) and other lapses.
This then gives the loan provider a profile of what level of financial risk you will be if they determine to offer you a loan - and what the likelihood is of getting the money they've lent you back! Of course, there is no one who is willing to lend to someone who won't pay it back on time or not at all! This checking system is called credit scoring.
There are several agencies who hold this financial information - the major ones are Experian and Equifax.
If you are thinking about borrowing money, ask for a copy of your credit file before anything else. This will allow you to determine if all of your information on it is correct and question anything that is not right. For instance, just a single item of mistaken information - say your credit file records an unsettled debt that was covered - could be the key factor in getting approved for a loan or mortgage - or not.
For a copy of your credit file you will need to approach one of the credit record agencies. It will cost you a small fee (approximately £2) and you will be sent a copy for you to assess.
Confirm that your credit file includes you on the electoral roll - if this is not so, this will have an adverse impact on your credit score. Also, financial 'associations' - where possibly a person who lives with you or who lived at your address before has a low credit rating - will have an influence on your likelihood of getting any credit.
If you uncover information that is not correct on your record, inform, in writing, the company who has presented inaccurate details regarding you, and send out a copy to the credit record agency too.
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