Credit – a simple breakdown

By definition credit is an arrangement made between a person and a company in which the person obtains goods, services, or money on the agreement to repay at a later time or date. Before you are lent the capital to make such purchases, the credit company will put in place various safeguards to ensure your repayment.


Safeguards

The safeguards used can and will come in different forms based on the type of credit you receive. One example would be the lender having right to repossess and sell property of yours in order to recover debt if you default. Other safeguards might be third party guarantees, and generally as a last resort, the creditor will take you to court.

Why do people borrow?

Borrowing money is a huge responsibility; so only borrow if you really are sure you can handle it. Despite the responsibility, borrowing can help in a lot of ways. Examples of credit being useful are:

– Spreading out a large purchases cost

– Online purchasing

– Making purchases in other countries

– Purchasing things you would not otherwise be able to afford, such as a house

– Acting as a buffer for times when money is short or another expense rears its head

Credit checks

Credit checks are what prospective lenders use to find out your given credit history, as well as your current standings. In short, it is to assess your risk level for repayment of debt.

What is the purpose of a credit check?

– Various lenders will assess you based on the outcome of your credit check to determine the likelihood of your repaying lent monies.

– There are other companies that may run a credit check on your person before they offer you an account, such as mobile phones and utilities.

How is a credit check done?

Certain pieces of information about yourself and any existing agreements are held by one or more reference agencies, and companies wanting to make a check on you will request it from these reference agencies. The main agencies in the UK are Call Credit, Equifax, and Experian.

– The reference agencies will be holding these following bits of information about you:

– The address you placed on your electoral roll

– Any orders against you by the court due to non-payment of debts

– Declarations of bankruptcy against you

– All credit agreements, previous and current

– All recent credit applications you have made

Lenders will make their assessment based on the information that they obtain. This will determine whether or not you will:

– Be offered standard terms on credit

– Have credit offered with special terms (shortened repayment periods, higher interest), or

– Be turned down for an offer of credit.

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