Unsecured Debt Consolidation Loan Tenant Consolidation Loans For People Who Have Bad Credit
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When you fill out an application for any credit, whether it's a bank credit card or store card, a loan or a mortgage, for instance, you will have to go through a credit check by the lender that you are approaching for credit.
A credit check helps a loan company to evaluate your financial history, past and present, including whether you settle your debts on time, make late payments, or have missed payments. A credit check also includes any outstanding debts and any records of County Court Judgements (CCJ's) and other defaults.
Consequently this gives the loan provider a report of what type of risk you will be should they decide to offer you a loan - and what the likelihood is of getting the loan money back! Of course, no lender desires to offer money to someone who doesn't make payments on time or defaults on it entirely! This checking process is referred to as credit scoring.
There are some organisations who store this data about you - the most widely known are Experian and Equifax.
Should you be making a decision about taking out credit, request a copy of your credit file beforehand. This is so that you can check that all the information in it is right and challenge anything that is questionable. As an example, only a tiny bit of erroneous information - say your credit file shows an unpaid debt that has been dealt with - could mean the difference between being granted some kind of credit - or not.
To get a copy of your credit file you can make contact with one of the credit reference agencies. You will be required to pay a small amount (about £2) and you will be sent a copy for you to assess.
Ensure that your credit record has you on the electoral roll - if this is not the case, this will have a damaging effect on your score. Also, financial 'associations' - where perhaps someone who lives with you or previously lived at your address has an unacceptable credit rating - will have an impact on the probability of getting credit.
If you find information that is incorrect on your credit record, make contact, in writing, with the organisation who has included faulty details concerning you, and deliver a copy to the credit reference agency as well.
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