Credit Scoring
When you apply for a loan, credit card or current account with an overdraft, banks or building societies often carry out a credit check. This allows them to find out more information about you. They may also look at previous financial history, and whether you will be able to repay the money they are lending to you.
This information comes from the details on your application form, past dealings with your bank and information held by Credit Reference Agencies such as Experian and Equifax. These agencies compile data on individuals, which is then sent through to prospective lenders. This information comes from various sources, including the Electoral Roll, court records and financial data from your previous dealings with financial organisations.
If you are at all concerned about your credit history, or would like to find out about your credit profile, then you can contact companies like Experianand Equifax. Although there is often a charge for obtaining the information.
If you're not on the electoral roll it's unlikely you will be able to access any credit.
Top tips
- You can contact your local council to ensure your details on the electoral roll are accurate and up-to-date.
- Keep up your repayments and don't default or miss payments. If you find yourself in difficulties, contact your lender immediately to see if it is possible to change your repayment schedule.
