Guarenteed No Credit Check Loans
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When you fill out an application for a loan or credit of any sort, whether it's a bank credit card or store card, a loan or a mortgage, for example, you will be subjected to a credit check by the company that you are applying to for credit.
A credit check helps a loan provider to evaluate your past and current financial history, issues such as whether you settle your financial obligations on time, are late with payments, or have neglected payments. A credit check also includes additional outstanding debts and any records of County Court Judgements (CCJ's) and other lapses.
This gives the company a report of what level of financial risk you will be if they determine to offer you a loan - and what the chances are of getting the money they've lent you back! In the end, no lender is keen to offer money to someone who won't pay it back on time or not at all! This checking system is referred to as credit scoring.
There are some bodies who store this information about you - the two main ones are Experian and Equifax.
Should you be making a decision about applying for credit, get hold of a copy of the credit report beforehand. This means that you can confirm that all of your information in it is right and point out anything that looks out of place. As an example, just a little bit of erroneous information - maybe your report records an unresolved debt that was paid - might be the determining factor for getting accepted for some kind of credit - or not.
In order to obtain a copy of your file you will need to get in touch with a credit reference agency. They will charge you a small amount (around £2) and you will be sent a copy for your perusal.
Verify that your file includes you on the electoral roll - if you are not there, this will have a detrimental influence on your credit rating. Also, financial 'associations' - where perhaps someone else who is living with you or lived at your address at one time has an inadequate credit score - will influence your chances of getting any credit.
If you spot information that is false on your file, make contact, in writing, with the company who has included faulty details about you, and send out a copy to the credit reference agency as well.
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