Key Points About Checking Your Credit Record
This article mentions a range of terms commonly used with this topic. Here are some definitions. A credit check is a kind of search done by a would-be lender to evaluate whether you are a suitable candidate for credit. Loan providers will check your credit record to get a sense of your existing and previous financial obligations. Loan providers can then attach to you a a credit rating to see if the manner in which you run you financial matters fulfils their conditions for lending.
Equifax is one of a number of key UK credit reference agencies. Equifax compiles all your financial details from a number of places to form a report that details your personal credit history - i.e. your credit file. Should you fill out an application for credit, loan providers will investigate your credit file to know about your credit history. It's possible to apply for a duplicate of your credit report anytime you like so as to know that everything is right. The Equifax website has plenty of valuable suggestions on sensible credit decisions and protecting yourself from fraud.
A credit score or credit rating is a means that possible loan providers use for evaluating the credit worthiness of a potential borrower. Loan providers will research the prospective client's credit file, the information within their credit application and the specific loan required Loan providers will then employ a numerical rating system to guage the amount of 'risk' attached to lending to the applicant.
When you apply for any sort of credit, whether it is a credit or store card, a loan or a mortgage for example, you will undergo a credit check by the company who you are approaching for credit.
A credit check is a way for a financial organisation to view your past and current financial history, including whether you service your debts on time; are late with payments; or have missed payments. A credit check also shows other outstanding debts and any records of County Court Judgements (CCJ's) and other defaults.
This then gives the company a picture of what sort of financial risk you will be if they decide to lend you money - and what their chances are of them getting the money back! After all, no one wants to lend money to someone who pays it back late or not at all! This process is called credit scoring.
There are several bodies who hold this information about you - the most widely known are Experian and Equifax.
If you are considering taking out credit, get a copy of your credit file first. This means that you can check that all the data on it is correct and query anything that looks wrong. For example, even just one bit of wrong information - say your file shows an outstanding debt that has been settled - could mean the difference between getting approved for a loan or mortgage - or not.
To get a copy of your credit file you will need to contact one of the credit record agencies. You will be charged a small fee (around �3) and a copy will be sent to you for your perusal.
Check that your credit file shows you on the electoral roll - if not, this will have a negative effect on your credit score. And financial associations - where maybe someone who has lived with you or has lived at your address previously has a poor credit rating - will affect your ability to get credit.
If you find information that is incorrect on your file, contact in writing the company who has listed incorrect data about you and send a copy to the credit record agency too.
If there is a financial association listed on your record that is not applicable, contact the credit record agency in writing. They will send you forms to complete so that the association can be removed from your file.
James Miller is a very prolific writer with plenty of useful and interesting articles on many issues of interest including guaranteed loans, best unsecured loan and other, related to personal loan affordability.
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