Secured Loan Stages UK
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When you make a request for credit, whether it is a credit or store card, a mortgage or a loan, for example, you will undergo a credit check by the creditor that you are asking for credit.
A credit check is a means for a loan provider to see your past and present financial history, which includes whether you settle your financial obligations on time, make late payments, or have not made payments. A credit check also presents additional unpaid debts and also any County Court Judgements (CCJ's) and other defaults.
Consequently this gives the loan provider an idea of what type of risk you present should they decide to offer you a loan - and what the likelihood is of getting their money back! Naturally, no one wishes to lend to someone who pays it back late or not at all! This checking practice is called credit scoring.
There are several bodies who have this financial information - the two main ones are Equifax and Experian.
When you are making a decision about taking out credit, get a copy of the credit report first. This will give you an opportunity to confirm that all the data on it is correct and point out anything that is not right. For instance, just a single item of mistaken information - say your report notes an existing debt that was paid - could sway the decision for being approved for credit - or not.
For a copy of your file you must make contact with one of the credit record agencies. You will have to pay a small amount (approximately £2) and they will send you a copy for you to look at.
Make sure that your credit record shows you on the electoral roll - if this is not so, this will have a negative consequence for your credit score. Also, financial 'associations' - where perhaps another person who is living with you or who lived at your address before has an inadequate credit rating - will have an influence on your likelihood of getting any credit.
If you come across information that is not correct on your file, inform, in writing, the organisation who has listed wrong data concerning you, and forward a copy to the credit reference agency too.
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