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Credit File Checking
By Geoff Cummings
If you want to buy something on credit you can be sure that the company you are applying to will do a check on your credit history. And to do this they will probably use Experian, or Equifax, or possibly one of the smaller credit reference agencies who keep files on everyone. Naturally before anyone will grant you a loan, or give you a credit card, they want to be sure they will get their money back. Your credit files will show if you really live where you say you live, along with others in the same house. This is why it is important to be on the Voters' Roll in the UK, as that is how the credit reference agencies obtain that information. Other details about you will show who your current creditors are, and your past ones. More importantly, those records also show how well you conduct your account. Payments which are late will show in monthly periods, so if you are 3 months in arrears on a loan your potential creditor will be able to see that. Also, if you have any County Court Judgements against you, they will show up. Other court related financial issues involving insolvency, such as an IVA, or bankruptcy, will also be on your file. What there is not, however, is a "blacklist" where a person can not be given credit. The credit reference agencies merely hold the information and make it available to creditors. The decision on whether to extend you credit is solely up to the discretion of the potential lender. If the credit is to be given, your credit score will possibly influence the terms upon which the credit is given. A poorer credit record could mean you have to pay a higher interest rate on your credit card, for instance, to reflct the higher risk. It is a good idea for everyone over 18 to check their credit file from time to time. Legally credit reference agencies are obliged to provide you with your credit report, at a cost of £2, though it can be done online and by taking out a free trial you can get hold of it for nothing. If you see anything amiss on your credit report, such as any payments not showing up, CCJs which should not be there, or of course account activity which you know nothing about, you should explain the errors, or cases of fraud, to your credit reference agency. They should correct any mistakes, or in the case of fraud, put a 'fraud' comment on your file. If you don't keep on top of what is going on you could find yourself refused credit next time you apply, or find yourself paying more than you should on a higher rate of interest.
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Cutting Down on Debt
PLEASE VISIT THE CONTRIBUTOR'S WEBSITE
Credit Rebuild
Repairing credit after debt problems
www.creditrebuild.co.uk
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In this day of identify theft, its important to keep a close eye on credit card statements and credit ratings.
Great advice Geoff. Thanks for all the information.
Regards,
Jim
I try to live totally without credit. If I can't pay for it I do without. It is possible and I love not dealing with credit rating companies.
A fairly recent program here in the US allows an indivual to get 1 free credit report per year.
Thank you for sharing, Geoff.
Best wishes.
Frederick
CONTRIBUTOR'S REPLY
1 free one a year isn't too bad. The big credit references here tempt you by encouraging people to sign up, & enter your card details. The credit report is given free, but, if you fail to cancel your payment for their 'monitoring service' they take their money out of your account a month later. So, you can get your report, then remember to cancel with them within the first month, so it comes for nothing.
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http://odls.qondio.com/
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This intel was contributed by odls
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May, 2012
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