UK Default Secured Loan
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When you apply for any sort of credit, whether it's a store card or credit card, a mortgage or a loan, for instance, you will be subjected to a credit check by the creditor that you are asking for credit.
A credit check is a means for a loan provider to view your financial history, past and present, which includes whether you service your debts on time, make late payments, or have neglected payments. A credit check also includes any outstanding debts and also any County Court Judgements (CCJ's) and additional failures.
This therefore gives the creditor a picture of what degree of financial risk you present should they choose to lend you money - and what the chances are of getting their money back! Naturally, no company desires to offer money to someone who won't pay it back on time or not at all! This checking process is known as credit scoring.
There is a number of bodies who compile this information about you - the two main ones are Equifax and Experian.
In the event you are considering taking out credit, request a copy of your credit file first of all. This will allow you to determine if all of your information showing on it is accurate and question anything that looks out of place. For instance, even just one bit of wrong information - maybe your report indicates an unsettled debt that has been dealt with - could mean the difference between getting accepted for a loan or mortgage - or not.
In order to obtain a copy of your record you can approach one of the credit record agencies. They will charge you a small amount (around £2) and they will send you a copy for your perusal.
Make sure that your credit record includes you on the electoral roll - if you are not on it, this will have an adverse consequence for your credit rating. Also, financial 'associations' - where maybe someone who lives with you or has lived at your address previously has an inadequate credit score - will have an impact on the probability of getting credit.
If you see anything that is wrong on your credit file, make contact, in writing, with the organisation who has listed faulty data about you, and send a copy to the credit reference agency too.
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