Rebate On Secured Loan
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When you make a request for a loan or credit of any sort, whether it is a credit card or store card, a loan or a mortgage, for instance, it will be necessary for you to undergo a credit check by the loan company from whom you are requesting credit.
A credit check allows a loan provider to examine your financial history, past and present, including whether you settle your debts on time, are late in making payments, or have missed payments. A credit check also reveals other unpaid debts and any history of County Court Judgements (CCJ's) and additional failures.
This then offers the loan company a picture of how much risk you will be should they decide to give you a loan - and what chances they have of getting their money back! Of course, there is no one who is willing to offer money to someone who won't pay it back on time or not at all! This checking procedure is known as credit scoring.
There is a number of bodies who have this information concerning you - the major ones are Experian and Equifax.
If you are making a decision about taking out a loan, get a copy of your credit file before anything else. This will enable you to see if all the data included in it is accurate and point out anything that is not right. For example, even only a little bit of distorted information - say your credit report shows an unsettled debt that was covered - might be the determining factor for being offered credit - or not.
To get hold of your credit record you can contact one of the credit reference agencies. You will have to pay a small fee (around £2) and you will be sent a copy for you to look at.
Check that your credit record includes you on the electoral roll - if this is not the case, this will have a damaging consequence for your credit rating. Also, financial 'associations' - where perhaps someone else who is living with you or has lived at your address previously has an inadequate credit rating - will affect the probability of getting any credit.
If you spot any detail that is false on your record, make contact, in writing, with the company who has put down wrong information regarding you, and send a copy to the credit record agency too.
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