If you are applying for a loan, credit card or mortgage, it is best to do a credit check first.
A Credit Check allows you to view your personal financial credit report, giving you the chance to see what lenders are seeing in order to make a decision on whether or not to lend you money. If you have a heads up on the lenders, you will make better-informed decisions when applying for credit. A regular credit check is also advisable as an identity fraud prevention tactic – if you check your report and find an application has been made in your name, but it was not made by you, you can out a stop to a potential identity theft.
Your credit report lists details about your personal financial history, including information about money you have borrowed, applications you have made for loans, credit cards, mortgages or any other financial products, it also lists the repayments you have made and missed and any outstanding court judgements against you.
When you apply for credit, lenders look at your application and your credit report to decide:
- If they are prepared to give you credit
- If yes, how much they are prepared to lend you, taking into account how they think you can afford
- The interest rate the repayments for that credit will carry
With an Experian credit check, you can manage your own report. If the details are incorrect, inaccurate or misleading, Experian will help you challenge them, and if the details are correct, Experian can advise you on what to do to improve your credit rating.
Apply online now for an Experian credit check and view the personal financial information that lenders are currently basing their credit decisions on - just click on one of the links.