“We used the Moneyextra.com Credit Check Tool to check our credit profile instantly online, and were surprised by the results! Thanks to Moneyextra.com we avoided applying for a loan that we weren’t eligible for, wasting our time, and more importantly we avoided damaging our credit rating. Once we knew our credit score it was easy to pick the loan that was right for us and quick to receive our money.”
Mr & Mrs McKenzie, Inverness
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When lenders decide who they will lend money to, they perform a Credit Check with a Credit Reference Agency, to look at your Credit Profile. The two key factors that they look at on your Credit File are your Credit score and your Credit history. If you have been refused a loan, a credit card or mortgage you should check that the information that is held on your Credit Report is accurate. Any incorrect information in your Credit History may be adversely affecting your Credit Rating. You have the right to have any incorrect information held in your Credit File corrected and that will improve your credit score. Check your credit profile using our credit profile tool link this to the tool further up the page. If your credit profile is poor, if you are struggling to get credit and have been turned down for a loan use our refused credit tool. If you have Debt problems? Get debt help, with debt consolidation loans, IVAs and Debt Management Plans.
When you apply for credit, whether a mortgage, loan or credit card, lenders will carry out a Credit Check to find your Credit Score and Credit Rating. Multiple Credit Searches can harm your Credit Score. Check your credit profile using our credit profile tool link this to the tool further up the page. To help you decide which loan product to apply for. You should carry out your own Credit Checks too. Compare personal loans and search the market online for the best low rate unsecured personal loans.
You can look at your Credit Report that shows the information used by lenders to decide whether to offer you credit. Check that the information on your Credit File is accurate. If your Credit Report shows bad credit and that information is inaccurate you can change that information with the Credit Reference Agency although you may have to contact the lender. Why not try a credit check now and view your Credit Report online ?
Credit checks will act as an early warning system for you against the growing dangers of ID theft. Regular checks on your Credit Report will allow you to make sure that no one is applying for credit in your name or taking out credit in your name. If someone has applied for credit in your name or taken out credit in your name you should contact the Police. You should also contact the Credit Reference Agency to establish which companies the credit is with. You will then need to contact these companies and inform them.
Possessing a good credit score can make all the difference. Banks and credit companies will use your credit file to assess what type of risk you are as a customer and your previous behaviour will have a very strong bearing on whether your application for credit will be successful. A record of every credit application you make will be kept by a credit reference agency. This record will show what credit you applied for and whether you have kept up to date with your repayments. It will also register any debt management, IVAs and bankruptcies and will keep these on file for up to 6 years.
To have a good credit score you will have a well managed credit history and any credit repayments will be up to date and on time. This will be reflected in the score you are given and as a result any subsequent applications for credit will usually be viewed favourably by the bank as a good risk and most likely meet with approval. However, if you have defaults, missed payments and failed credit applications littering your credit file, then you are likely to have a bad credit score and face possible decline. There is no need to despair if you do have bad credit score, some lenders offer products specifically for you. Credit Building credit cards, offer higher interest rates than the normal market but they do allow you the opportunity to improve your credit rating sufficiently enough so that you can possibly apply for some of the better credit cards.
The main credit reference agencies used by the financial institutions in the UK are Equifax and Experian. Equifax is the older of the two originally founded in Atlanta, USA in 1899 and started storing personal and credit information about millions of Americans and Canadians. Now Equifax stores information on over 400 million credit holders worldwide. The company generates 1.5 billion in US dollars and employs 7000 people in 14 countries. Experian’s history is a little shorter, founded by John Peace in 1980 as an information services business; it then acquired a credit check reporting business from the US. They employ 15,500 people in 38 countries supporting clients in over 65 countries. Both agencies are relied upon by financial institutions to provide them with accurate credit information for their application process to ensure they can make the correct decision in terms of application acceptance and what interest rate to charge. It is not responsible or in the best interest of the customer or the bank to offer credit to someone who does not have a good track record.
Keeping your eye on your credit report is always a good idea even if just for general interest. More particularly if you have been a victim of identity theft, keeping a close eye on your credit file could save you a lot of money.
Here are a couple of things to keep in mind when checking out your credit profile: