Are Utility Bills Looked At For A Home Loan
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When you apply for a loan or credit of any sort, whether it is a credit or store card, a mortgage or a loan, for instance, it will be necessary for you to undergo a credit check by the company that you are asking for credit.
A credit check is a way for a potential creditor to see your previous and present financial history, issues such as whether you pay off your debts on time, make late payments, or have not made payments. A credit check also presents additional unsettled debts and also any County Court Judgements (CCJ's) and additional defaults.
This offers the lender a report of how much risk you present should they decide to lend to you - and what chances they have of getting the loan money back! After all, no lender wants to give money to someone who doesn't make payments on time or doesn't pay at all! This checking procedure is termed credit rating.
There are several organisations who have this information concerning you - the best known are Experian and Equifax.
If you are making a decision about taking out a loan, get a copy of the credit report first of all. This will allow you to determine if all the information on it is right and challenge anything that is not right. For instance, just a small piece of erroneous information - maybe your file indicates an outstanding debt that has been settled - could mean the difference between being offered some kind of credit - or not.
To get a copy of your file you can go through one of the credit reference agencies. It will cost you a small amount (around £2) and a copy will be sent to you for you to look at.
Verify that your credit record shows you on the electoral roll - if you are not there, this will have a negative impact on your score. Also, financial 'associations' - where maybe someone else who is living with you or who lived at your address before has a weak credit score - will have an impact on your likelihood of getting credit.
If you spot information that is wrong on your file, get in touch, in writing, with the company who has listed faulty details concerning you, and send a copy to the credit record agency too.
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