It is common practice that when you try and get financing you are asked to consent to a credit check. Have you ever wondered who actually performs credit checks and where they get their information? In the UK the most commonly used companies are Experian and Equifax. Both of these companies provide the same type of information and it is usually just a case of the company you are requesting credit from using the one that it always uses.
You will have to give consent to having credit checks done on yourself. You can also make a request to have a look at the information that the credit companies store on you. This can be helpful if you have outdated information that you need removed from your credit file as sometimes information can be outdated and may affect your ability to get credit or financing. You can request a copy of your credit report to be sent to you and then go through all of the information on it to ensure it is correct. There will usually be a fee to do this, however it is very minimal.
The credit company Experian is one of the most commonly used credit referencing agencies in the United Kingdom. Many lenders use them to determine your credit report and suitability for lending. Experian makes use of public information in order to compile the reports they provide to the lenders. The credit checks they provide will include your financial history over the past six years. This could include information from current or previous credit card companies as well as loan providers and will show whether you met your financial obligation to the companies listed. It will give a score based on whether payments were made on time and as to whether any were missed or the financial obligation was not met. It will also show any court judgments that have been made against you.
The credit company Equifax also provides similar information and is widely used in the United Kingdom as well. Equifax has an online facility that gives you information on how to improve your credit and avoid getting caught in credit scams. It can be very useful to read this information and put it into practice if you want to improve your credit rating. Equifax performs thousands of credit checks ever year and the information they have on their website can help you to improve your chances of obtaining credit should you need it.
If you would like to see a copy of your credit record you can get information on how to send off for one online by searching for credit check companies. These companies usually do the credit checks very quickly and you will have your report within days of your request. You can also subscribe to receive regular credit reports to ensure that if there are any changes to your status you are made aware immediately. This can be particularly useful in cases of identity fraud where someone may be using your details to obtain credit, so it is worth keeping informed as to your credit rating.