If you are thinking of applying for a loan, it is worthwhile checking your credit rating. You can obtain your score easily for as little as £2. Spend time checking and updating your record to ensure all the information is correct.
The majority of us now have a credit record but not many people know their rating or what they should if it causes problems. It is extremely important to make sure that your rating is correct, especially if you are thinking of applying for a loan. Whichever company you approach will not supply you with a quotation until your credit record has been checked; if they then refuse your request then you won’t be able to do anything about it even if you don’t see any reason for the rejection. The best idea is to examine your rating whilst you still have time to get any mistakes corrected, so that you can begin your loan search with the knowledge that the facts on which your rating is based are correct. Firstly, you need to contact a credit record agency to get a copy of your record. There are three companies- Equifax, Experian or Checkmyfile- which can supply this information either by post or on-line. A one-off check by post, which will provide the information you need, costs around £2 whilst a longer term check or one that is available quicker costs more and is available on-line.
The most important thing on your credit report is your score; this figure specifies your credit worthiness. Equifax have been very helpful in giving details of their credit record rundown which details their rating for you relative to your score –
0 to 49 is rated poor and shows potentially severe problems in getting credit.
50 to 69 is rated fair which shows that some difficulty can be expected. (Life Assurance)
70 to 89 is rated good, with a good opportunity of credit being granted.
90 to 100 is rated excellent. With this score you should not expect any problems.