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When you make an application for credit, whether it is a credit card or store card, a loan or a mortgage, for example, you will undergo a credit check by the creditor that you are approaching for credit.
A credit check is a means for a financial organisation to see your past and current financial history, which includes whether you settle your debts on time, make overdue payments, or have missed payments. A credit check also presents other unpaid debts and any history of County Court Judgements (CCJ's) and other defaults.
This therefore gives the creditor 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 loan money back! Naturally, no lender is willing to lend money to someone who won't pay it back on time or doesn't pay at all! This checking procedure is called credit rating.
There are several organisations who hold this data about you - the major ones are Experian and Equifax.
In the event you are making a decision about borrowing money, get a copy of your credit file beforehand. This will give you an opportunity to examine if all the data included in it is right and challenge anything that is inaccurate. For instance, just a single item of mistaken information - say your report records an unresolved debt that was paid - could be the difference between getting approved for a loan or mortgage - or not.
To obtain a copy of your credit file you will need to go through a credit record agency. You will have to pay a small fee (about £2) and you will be sent a copy for you to look through.
Verify that your credit record shows you on the electoral roll - if this is not so, this will have an adverse effect on your credit score. Also, financial 'associations' - where maybe someone else who is living with you or who lived at your address before has a low credit rating - will influence your ability to get credit.
If you come across any detail that is not correct on your record, get in touch, in writing, with the company who has put down inaccurate information regarding you, and forward a copy to the credit reference agency too.
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