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When you apply for credit, whether it's a bank credit card or store card, a loan or a mortgage, for instance, you will be subjected to a credit check by the loan company from whom you are requesting credit.
A credit check is a way for a potential creditor to see your financial history, past and present, including whether you meet your financial obligations on time, make overdue payments, or have missed payments. A credit check also indicates additional outstanding amounts and any records of County Court Judgements (CCJ's) and other lapses.
This then gives the creditor a report of what kind of risk you present should they decide to give you credit - and what the chances are of getting the money back! After all, there is no one who wishes to offer money to someone who won't pay it back on time or doesn't pay at all! This checking system is called credit rating.
There are some organisations who keep this information about you - the best known are Equifax and Experian.
Should you be making a decision about taking out any kind of credit, obtain a copy of the credit report first of all. This will allow you to see if all the information within it is right and query anything that looks wrong. For instance, even only a little bit of erroneous information - say your credit report shows an unresolved debt that has been dealt with - could be the difference between getting accepted for a loan or mortgage - or not.
To get a copy of your credit record you have to go through 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.
Check that your credit file has you on the electoral roll - if not, this will have a harmful consequence for your score. Also, financial 'associations' - where possibly someone who is living with you or lived at your address at one time has an inadequate credit rating - will influence the probability of getting any credit.
If you notice information that is wrong on your credit record, inform, in writing, the organisation who has put down inaccurate information about you, and forward a copy to the credit reference agency too.
We are hopeful that You have gained something from this article and that it has assisted you in your research about Secured Loan Advantage or other related topic.
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