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How do I check what loans I have had in the past?

by News24
04 Feb 2020 at 10:28hrs | Views
When you are trying to improve your credit history or would like to check what loans you have had in the past, there are a couple of ways of doing so. However, leading UK loan companies such as Now-Loan are still contacted by both existing and future clients who are confused about their past loan history.

There is simply not enough information available in the general media about how you can check your previous loans. Even organisations such as the Citizen Advice Bureau, are confused when it comes to checking individual loan histories. This is why many borrowers contact lending professionals such as NowLoan.

How To Check Your Loan History In The UK

Most lenders in the UK share their information with credit checking organisations. In the UK, there are several credit check companies. When you need information about your credit status or need to find out what loans you have had in the past, you can contact Transunion, Equifax or Experian. They may all hold different information on your previous lending history, so it is a good idea to contact all three. Your credit report is free and should contact all of the information you need.

Alternatively, you can use a service such as CheckMy File. This is an online company that you can subscribe to, but they normally offer new customers a free 30-day trial period. CheckMyFile will check your file with all credit check organisations in the UK.

Turning to a credit checking organisation is a good idea when you have forgotten what lender you borrowed the money from when you took out a loan. Credit check organisations monitor every-thing from credit cards to smaller personal loans. This also includes any loans you may have taken out to finance a car purchase. Many borrowers presume that car finance is not a loan. But, car fi-nance is, in fact, a personal loan.

Keeping A Record Of Previous Loans

Needless to say, it is a good idea to keep a record of previous loans along with the payment history relating to that loan. Moving house, or lost paperwork, can make that hard to do.

If you know the name of your previous lender, you can contact them directly and ask them about your previous loan history. Traditionally, UK banks are good at keeping records. Unfortunately, this has changed in recent years. An increasing number of UK banks have been taken over by for-eign banks. During the process of migrating information to new servers, information has often been lost.

Why It Is Important To Keep Paperwork

Keeping paperwork and information relating to loans and mortgages is essential. Thousands of UK borrowers were able to claim money back during the recent PPI scandal after they had kept their paperwork. Having paperwork available makes it easier for lenders and credit card companies to check and verify original information. As a result of PPI, almost £32 billion has so far been paid out in compensation with more claims pending.


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Source - News24

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