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Credit Check
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A credit check is an action that is taken by a potential lender in determining whether a person meets its standards to be extended credit. This process entails looking for a detailed analysis from a credit bureau. These detailed analysis include things like, date of birth, addresses( current or previous), current employer, income, loans and other debts payment history and ones social security number.

It details your personal credit history inclusive of mortgages, overdrafts, phone contracts, credit cards and some other utilities. When you are past the age of eighteen and once took out a credit, a credit reference agency is most likely to hold a credit report about you. This is under a credit report which is entailed in the credit check. Other things that are looked for are: The type of information in your credit report. This contains information that will help lenders in confirmation of your identity and whether you are a reliable borrower. It can include the following:

Your account information- This is viewed to see the credit accounts that you have had and whether you are an on time payer or a late one. If you have been repaying late, they stay on the report for close to six years.

Address details- This is a register that contains information for your previous and current address you provide when applying. It does contain addresses of any links that you have too.

Financial connections- This include financial associates who are people that you have financial connections with. Their credit history does not appear in your report but when you have done credit application, lenders look out for their history and give a decision based on that as they could affect your ability to repay what you owe.

Credit report information sources- This comes in two major forms namely the public information and credit history information. The public information includes court judgments and electoral roll information while credit history information is the information that many lenders share on what you owe and whether you have paid right on time. Some lenders can be bad and only produce information on accounts that have defaulted but most share monthly updates on all customers.

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