Banks Offering Bad Credit History Debt Consolidation Loans
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When you fill out an application for any kind of credit, whether it is a credit or store card, a mortgage or a loan, for instance, you will be subjected to a credit check by the creditor that you are asking for credit.
A credit check is a tool for a financial organisation to evaluate your previous and present financial history, including whether you take care of your debts on time, are late with payments, or have failed to make payments. A credit check also includes any unresolved debts and any records of County Court Judgements (CCJ's) and other defaults.
This gives the loan company a report of what type of financial risk you present if they decide to give you a loan - and the probability of getting the loan paid back! Naturally, no one wants to lend money to someone who won't pay it back on time or not at all! This checking process is known as credit scoring.
There is a number of organisations who store this information about you - the major ones are Equifax and Experian.
When you are considering applying for credit, get hold of a copy of your credit file first of all. This is so that you can confirm that all of your information included in it is right and query anything that is inaccurate. For instance, just a single item of distorted information - say your report records an existing debt that was covered - might be the determining factor for being granted credit - or not.
For a copy of your credit record you will need to get in touch with a credit reference agency. You will have to pay a small fee (about £2) and you will be sent a copy for you to assess.
Verify that your credit record shows you on the electoral roll - if this is not the case, this will have a damaging influence on your credit score. Also, financial 'associations' - where maybe a person who lives with you or who lived at your address before has a low credit score - will have an impact on your ability to get credit.
If you find data that is not correct on your credit record, contact, in writing, the organisation who has put down faulty details concerning you, and forward a copy to the credit record agency too.
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