Where Can I Find Different Loan Companys
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When you attempt to get any kind of credit, whether it is a credit card or store card, a loan or a mortgage, for example, you will have to go through a credit check by the loan company from whom you are requesting credit.
A credit check is a method that allows a lender to investigate your previous and present financial history, which includes whether you settle your financial obligations on time, are late in making payments, or have missed payments. A credit check also reveals any unsettled debts and any County Court Judgements (CCJ's) and other lapses.
This then offers the loan provider a report of what kind of financial risk you present should they decide to give you a loan - and what chances they have of getting the money they've lent you back! After all, nobody wishes to lend to someone who doesn't make payments on time or not at all! This checking practice is termed credit scoring.
There is a number of agencies who keep this data about you - the major ones are Experian and Equifax.
If you are in the process of making a decision about taking out any kind of credit, get a copy of your credit file beforehand. This will allow you to examine if all of your information on it is correct and point out anything that is questionable. For instance, just a little bit of mistaken information - say your credit file indicates an unpaid debt that has been dealt with - could significantly impact you being granted some kind of credit - or not.
In order to obtain a copy of your record you must contact one of the credit record agencies. They will charge you a small amount (about £2) and a copy will be sent to you for you to look at.
Make sure that your file has you on the electoral roll - if you are not there, this will have a damaging impact on your score. Also, financial 'associations' - where maybe someone who is living with you or who lived at your address before has a low credit score - will influence the probability of getting any credit.
If you notice information that is not correct on your credit file, inform, in writing, the organisation who has presented inaccurate data about you, and send out a copy to the credit reference agency as well.
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