Summary:

Applying for a loan? A poor credit record can result in surprisingly high ( mortgages ) rates of interest being charged.

Loans. Check your credit record. Page 2

Author: Dot Piper

Whenever you apply for any type of loan your credit records

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will be checked by your potential lender. You can do this too, using a credit reference agency. The ones used by lenders ( personal loans ) include CallCredit, Experian and Equifax. For around £2 you can receive a copy of your record for your own use.

When you receive this, it is important that you should check it carefully. If there is any information which proves negative, but if you feel that there were mitigating circumstances, you could ask for a note explaining this to be attached to your file, which would remain on for six years. It ( cheap loans ) could be that there have been an unusually large number of searches on the record, which will count against you.

There is always the possibility that mistakes have been made on the record. If this is the case you will need to raise the matter with the agency, which will contact the lender and ( unsecured loans ) follow it through. They will remove if from your record in the meantime, so that any other enquirer will not become aware of it.

So, before you apply for a loan of any type, it's well worth checking to see what the lender ( travel insurance ) will be told about you. If there are potential problems that could possibly be addressed, now's the time to do it.

Remember too, it's not always a good thing to be too squeaky-clean. A record of reasonable amounts of credit, prompt payments and a trouble-free relationship with stand you in good stead when the time comes that you need that loan.

Fill in that form with confidence, knowing that there shouldn't be any nasty shocks.

Your home may be repossessed if you do not keep up your repayments on a mortgage or any debt secured on it. Loans may be secured on your home or other property. Think carefully before securing other debts against your home.