When you are applying for any form of credit, the lender, Credit Card Company or bank will use the services of a credit agency in order to find out more information about you. Your credit history will contain a number of important bits of information, enabling the lender to make a decision on whether or not to accept your application.
The whole process of checking your credit history is to see how much of a risk you are. For those who have never borrowed money, or had a history of paying a credit card or mobile phone bill on a monthly basis, it might actually be harder to get credit than if you have a bad credit score.
Experian, Equifax and Callcredit are the three companies in the UK that are generally used to search a persons credit history. If there have been any defaults, missed payments, CCJs or bankruptcy in your financial life they will appear within these documents. This check also includes your personal information, such as date of birth, list of addresses and any active and past credit agreements you have.
It can sometimes be a strike against you if you apply for credit and fail, so it is important to have the knowledge of your credit score so you can prepare adequately. Most companies offer a free trial in order to check your credit report online. Checking also allows you the time to correct any factual errors that may be present.
If you would like to speak to a member of our team about the application process for a mortgage or one of our other financial services, webll be happy to help. We take a good look at our clients credit history, but we have been able to assist those with adverse credit on their file. Contact us today to find out more.
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