Bad Credit Loansd
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When you apply for a loan or credit of any sort, whether it is a credit or store card, a mortgage or a loan, for example, it will be necessary for you to undergo a credit check by the lender through whom you are seeking credit.
A credit check is a method that allows a loan provider to see your previous and present financial history, including whether you meet your financial obligations on time, make overdue payments, or have neglected payments. A credit check also indicates any outstanding amounts and any records of County Court Judgements (CCJ's) and other defaults.
This gives the creditor an idea of what sort of financial risk you will be if they decide to give you a loan - and what the chances are of getting the loan money back! Naturally, no company is willing to offer a loan to someone who doesn't make payments on time or doesn't pay at all! This checking system is known as credit scoring.
There are a few organisations who compile this data about you - the major ones are Experian and Equifax.
Should you be making a decision about applying for credit, request a copy of the credit report before anything else. This is so that you can check that all the data within it is accurate and challenge anything that is not right. As an example, only a tiny bit of wrong information - maybe your file indicates an unsettled debt that was paid - could significantly impact you being offered some kind of credit - or not.
For a copy of your credit record you will need to approach a credit record agency. You will be charged a small amount (about £2) and you will be sent a copy for you to look at.
Ensure that your record shows you on the electoral roll - if not, this will have an adverse influence on your score. Also, financial 'associations' - where perhaps someone who lives with you or lived at your address at one time has a poor credit rating - will influence your capacity to get any credit.
If you see data that is false on your record, get in touch, in writing, with the organisation who has put down inaccurate details about you, and deliver a copy to the credit record agency too.
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