How to Check your Credit History

Now, let's just say you're borrowing someone you don't know. Basically, this is the item in which our credit division finds itself. You do not know the borrower in person, but you must find out whether it is appropriate to loan them funds. The majority of creditors use a credit agency to help them.

Debt agencies (you may have already learnt of a few - Expert, Equifax and Callcredit are some of the largest) collect information from bankers, the election registry, credit cards and many other resources to get a clear idea of your history. She shares this information with individuals like us, for a charge, and we use it to check if you are likely to pay back the loans.

Your information is handled very carefully and you can read here what measures we take to safeguard it. In addition to the anti-fraud audits, we are focusing on two important things - first, whether you have lent in the past and, if so, whether you have repaid it on schedule, and second, whether or not you are likely to be able to pay back our loans.

However, it is an incomplete discipline, and sometimes borrower can be punished in an unfair manner, usually when they do something that affects their creditworthiness without realizing it. One good example of this is the fact that a full credit check affects your creditworthiness, and if you take out five mortgages and are rejected for each loan, your creditworthiness could fall without you noticing, making it even more difficult for you to lend it.

This is why we carry out a so-called "soft" credit check when we receive applications from debtors. This gives us an idea of whether the debtor can buy this credit without affecting his creditworthiness. It is worth checking whether a request for a credit with a vendor affects your creditworthiness before you request one.

The credit report is important and the businesses we mention allow you above all to check your creditworthiness free of charge (Money Saving Expert has a good guideline here) - it is definitely a good idea to take a look now if you have the opportunity, because small mistakes can cause big long-term trouble.

Have you got an eye on your creditworthiness?