Every time you apply for a credit card, loan, finance or a mortgage your credit history will be checked. This gives the lender information from which they decide whether they feel you are likely to make your repayments and so whether or not to provide you with the funds you have requested. There are many ways in which you can have inadvertently damaged your credit rating and so it is advisable to gain a copy of your credit report if you are considering a mortgage or large loan to ensure you dont receive any unpleasant surprises.
There are three main companies in the UK who hold information regarding your credit history. These are Equifax, Experian and TransUnion. Unfortunately, they all hold different information and you will not know which of these companies will be used by the lender you decide upon and so you will need to collect your credit report from all three of them to build up an accurate picture of your financial health.
There are many ways in which a credit score can be damaged and some of these can be undone fairly simply. For example, if one of these companies has a previous address for you it can damage your score but this can be amended easily and...
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