The Benefits Of Checking Your Credit File
Checking your credit file or report is a good way of finding out how a lender would view your personal application for a loan, mortgage or other financial product.
Your credit file is what a lender will check when an application is made for any request for credit and therefore ensuring your personal file is in excellent condition is essential.
Why would I want to check my credit file? Perhaps you have recently applied for credit and been rejected by the lender or store and are puzzled by this.
Checking your file is the first course of action you should take, to discover if there is any information on your credit file which may be affecting your likelihood of being granted credit by a lender.
If you are confident that you have a good or excellent credit file, then perhaps there are errors on your file which would affect your application.
Check your credit file to see whether there is incorrect information about you or perhaps there still shows an outstanding amount from a previous finance agreement.
Maybe you have settled this, but the lender never changed the status of the agreement on your credit file, therefore it still shows as outstanding.
So what other information will my credit file show? Whilst there are different credit reference companies out there, many will show the same information about each individual including: - Name - Date of Birth - Address (How long you've lived there for) - Previous Addresses - Linked Address (This could be a financial connection you have with any party at their address) - Electoral Register - Other names you have had (whether through marriage or deed poll) - Any CCJ's (County Court Judgements) - Possession Orders or Bankruptcies within the last 6 year period - Previous searches made by other financial organisations where you've applied for credit - Any current and previous credit arrangements you have/had, including credit cards, loans, store cards, mortgages, mobile phone contracts etc.
The credit report will also show the outstanding balance of any credit agreements you have in place, along with the credit limit you have with the organisation and your repayment history for the past 12-18 months.
Whilst a lender or financial organisation will not share their credit checking formulas with you, things such as a good repayment history and being on the electoral register will have a positive affect on your chances of being approved for credit.
Your credit file is what a lender will check when an application is made for any request for credit and therefore ensuring your personal file is in excellent condition is essential.
Why would I want to check my credit file? Perhaps you have recently applied for credit and been rejected by the lender or store and are puzzled by this.
Checking your file is the first course of action you should take, to discover if there is any information on your credit file which may be affecting your likelihood of being granted credit by a lender.
If you are confident that you have a good or excellent credit file, then perhaps there are errors on your file which would affect your application.
Check your credit file to see whether there is incorrect information about you or perhaps there still shows an outstanding amount from a previous finance agreement.
Maybe you have settled this, but the lender never changed the status of the agreement on your credit file, therefore it still shows as outstanding.
So what other information will my credit file show? Whilst there are different credit reference companies out there, many will show the same information about each individual including: - Name - Date of Birth - Address (How long you've lived there for) - Previous Addresses - Linked Address (This could be a financial connection you have with any party at their address) - Electoral Register - Other names you have had (whether through marriage or deed poll) - Any CCJ's (County Court Judgements) - Possession Orders or Bankruptcies within the last 6 year period - Previous searches made by other financial organisations where you've applied for credit - Any current and previous credit arrangements you have/had, including credit cards, loans, store cards, mortgages, mobile phone contracts etc.
The credit report will also show the outstanding balance of any credit agreements you have in place, along with the credit limit you have with the organisation and your repayment history for the past 12-18 months.
Whilst a lender or financial organisation will not share their credit checking formulas with you, things such as a good repayment history and being on the electoral register will have a positive affect on your chances of being approved for credit.
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