what does a credit check involve?

Question

i have some debts i ignored will this be a factor.?

its so we can officially be put on the contract at my brother in laws house in 6 months

it was also impossible to pay off the debts and it was from a book club does that count??

Answer 1

1. make sure you've signed an authorization to have your credit checked (& a check will usually impact your credit score).

2. only those debts reported to the three major credit bureaus will be reflected, so bank loans, car loans, credit cards, etc. will show up, but utility bills & rent debt (unless delinquent) typically won't.

3. if you're applying for credit, the underwriter will use whatever debts are shown on your credit report (estimated monthly payments are calculated by the credit agency) in the underwriting process.

Answer 2

What Is A Credit Check

Answer 3

A credit check is an electronic check of your spending history, i.e. what you spend on you credit card and how good you are at the re-payments, this is the case for things like:-

your mortgage

Hire purchase and bank loans etc.

You get a points rating like Yahoo answers depending on how good you are, this then equates to a risk factor so low risk and the banks and finance companies Q up to lend you money, high risk is the opposite. Oh and you can get black listed too if say you default on you mortgage and have you house re-possessed.

Answer 4

LOL YES!!!!!

The fact that you "ignored" debt is a huge factor. What exactly do you think a credit check is looking for? Obviously, they want to see how you've paid back other people you borrowed from.

Which you simply chose to "ignore".

Expect to be declined frequently. And rightfully so, until you make good on any past debts.

Answer 5

You need to ask for a credit report- you will see any outstanding debts that have been reported to the credit agencys

Answer 6

Everything counts, especially since most places will only look at your credit score, not the details of your credit report.

Answer 7

as long as you are making your payments on the debts, you should have no problems.

A credit check largely refers to your property address rather than the individual... beware of the dreaded 'black-listing' on your property... credit will not be supplied...

but always remember, credit and loan companies never want to offer you an umbrella when its raining.

Answer 8

make sure you have no defaults or ccjs and you will be fine on credit checks