Your Guide To Credit Report

Your Guide To Credit Report
by James Miller 4u-now

First, before you read the article below, here are some useful definitions. Equifax is a chief credit referencing agencies in the UK. Equifax compiles all your financial statistics from a variety of places to develop a report that presents your personal credit history - i.e. your credit file. When you make an application for credit, loan companies will study your credit file to get a picture of your financial record. It's possible to ask for a printed copy of your file when ever you like to know that all is in order. The Equifax internet website has a lot of practical instructions on making financial choices and protecting yourself from fraud.



Experian is a chief credit referencing agencies in the UK. Lenders will turn to a credit reference agency to find out about the appropriateness of a customer founded on their financial past. This is referred to as a credit report. As with all consumers, you can ask for a printed copy of your file from Experian to know that all the facts and figures on it are right and that your financial details haven't been used illegally.



A credit check is a search performed by a prospective loan company to assess your suitability for borrowing. Lenders will look at your credit record to see your existing and previous financial history. Lenders can then award you a credit score to check whether the manner in which you run your finances fulfils their criteria for credit.



A credit report is basically financial data about you held by a credit reference agency (such as Experian, Equifax or CallCredit plc). The data is used by potential lenders, landlords and employers to help them make a decision as to whether approve your application for a loan or other credit; or for a job or as a tenant.

The information on your credit file is updated on an ongoing basis, and is provided by companies who have given you credit in the past and currently. The data on your file includes:



1. Personal information such as your name and any previous names you have been known by, date of birth, current and recent addresses, current and previous employers.

2. Your financial credit history. This details current and previous credit from the last six years, including amounts currently owed; details of credit accounts that were opened in your name (or ones where you are an authorised user); whether payments have been kept up to date or missed; any bankruptcies, County Court Judgements (CCJs) or arrears etc



Information about your current or savings accounts, or bankruptcies, CCJs that are more than 6 years old are not shown on your credit file, nor your political affiliation, medical history, ethnicity, religion, nor criminal records.

Provided they have your consent, your report can be viewed by anyone with an acceptable purpose. These include: potential lenders; landlords; any Government Agency; employers and potential employers and an individual or organisation that has your written authorisation to obtain your credit report


James Miller is writing on topics relevant to uk tenant loans, bad credit consolidation loans and even flexible car loan.


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The Best Credit Cards If You Have No Credit

By Morgan Hamilton

Today, carrying actual money can be very inconvenient, not only that it bulks up your pockets or wallet but there is also more risk by losing it or get it stolen. To solve this problem, a great invention is introduced that enables you to buy things without carrying cash around. We called it credit cards.



This 2 inch by 3-inch plastic can enable you to buy without actually paying cash.



A credit card is a type of transaction settlement. This works by lending the consumer money from the credit card issuer or a bank without having the money removed from the consumer’s account. This means that if you purchase an item using a credit card, the credit card company will lend you money that you will have to pay back.



Sometimes people get out of control when using credit cards, so there is something we call credit limit to limit the purchase.



If you have poor or no credit history and you would want to have a credit card, the best option would be applying for a secured credit card. Secured credit card works just like an ordinary card, but secured by a deposit account owned by the cardholder.



To apply for a secured credit card, the cardholder must first deposit 100% to 200% of the amount of credit desired. This means that if the cardholder deposits $1000.00, he or she will be given a credit that range between 500 – 1000 dollars. Secured credit card deposits are held in special savings account.



Secured credit card holders expect to make the regular payments agreed upon, just as you would do in regular credit cards. However, if the cardholder defaults a payment, the credit card issuer can recover the cost of the credit card holder’s purchases by taking money from the deposit.



Another way to obtain a credit card is to establish a credit history. To do this you must apply for a small loan or a line of credit from your bank.



Getting a loan can be difficult. You can increase your chances of getting your small loan approved by making a large down payment. If you do not have cash, borrow from your parents or family member.



One way to establish a credit history is through gas cards. This is practically easy to get and a very good way to show that you pay your bills responsibly, assuming that you pay every month or before the established payment date.



Research about what the credit card issuer requires applying for a credit card.



If you these do not work, apply for a secured credit card. This will require you to deposit money in a special savings account to ensure credit card issuers that they will get their money back. However, applying for a secured credit card often has higher interest rates.



When you are using secured credit card it is best that you pay on time and avoid having the credit card issuer to take money from your deposit. This is because credit card issuers will often upgrade your secured credit card to regular credit card after a few months of making payments on time.



Avoid being rejected by credit card issuers. Apply for a credit card which requirements can easily meet the requirements.



About the Author: Morgan Hamilton offers expert advice and great tips regarding all aspects concerning Credit Cards. Get the information you are seeking now by visiting http://www.getqualitycreditcards.com/categories/bad_credit_credit_cards



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