Before you apply for a loan, or any type of credit, it is always a wise idea to check what your actual credit score is. Whoever you are applying for a loan from will certainly be aware of this score, and it can have a massive effect on their final decision. Here, the Piggy Bank team take a look at how best to stay in touch with that score, whether you are applying for credit or not.
Your first step would be to choose a credit checking company such as Experian, Equifax or maybe one of the newer services that has sprung up in the last few years. You will need to furnish your chosen credit checking company with details, including your addresses for the last 3 years or more. These days, you can usually find out your credit score very quickly, often within a few minutes.
Once you have this facility set up, it is a good idea to go through your score, and look out for any anomalies. You should check whether you are on the electoral roll because this will improve your rating. If you are not, speak to your local authority and remedy this as soon as possible.
If you have any adverse credit history, this will affect the decision that your potential creditors will make. You should try and contact the company in question, and do your best to either pay off any outstanding amount, or come to a mutual agreement in terms of paying it off.