Bad Credit Loans Guaranteed
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When you make a request for any kind of credit, whether it is a credit or store card, a mortgage or a loan, for example, you will have to go through a credit check by the company through whom you are seeking credit.
A credit check allows a financial organisation to evaluate your past and present financial history, which includes whether you pay off your debts on time, are late with payments, or have failed to make payments. A credit check also indicates other outstanding amounts and any records of County Court Judgements (CCJ's) and other lapses.
Consequently this offers the loan company a profile of what type of financial risk you will be if they decide to give you credit - and the probability of getting the loan paid back! After all, no lender is willing to lend to someone who doesn't make payments on time or defaults on it entirely! This checking practice is referred to as credit rating.
There are several bodies who store this information about you - the two main ones are Experian and Equifax.
Should you be making a decision about taking out credit, obtain a copy of your credit file first of all. This will give you an opportunity to determine if all the data within it is accurate and question anything that looks out of place. For instance, just a small piece of mistaken information - say your credit report mentions an unresolved debt that has been dealt with - could significantly impact you getting approved for some kind of credit - or not.
For a copy of your credit record you must make contact with one of the credit record agencies. You will be required to pay a small fee (about £2) and they will send you a copy for you to look at.
Verify that your credit file shows you on the electoral roll - if not, this will have a detrimental consequence for your credit score. Also, financial 'associations' - where possibly a person who is living with you or who lived at your address before has a poor credit score - will influence your capacity to get any credit.
If you find any detail that is false on your credit file, get in touch, in writing, with the company who has presented incorrect details concerning you, and deliver a copy to the credit reference agency too.
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