Bad Creidit Loans No Garentor
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When you fill out an application for a loan or credit of any sort, whether it is a credit card or store card, a loan or a mortgage, for example, you will undergo a credit check by the loan provider through whom you are seeking credit.
A credit check helps a lender to evaluate your financial history, past and present, including whether you service your debts on time, are late with payments, or have not made payments. A credit check also shows other unsettled debts and any history of County Court Judgements (CCJ's) and other defaults.
This then offers the loan provider an idea of what sort of risk you present should they decide to lend to you - and the probability of getting their money back! Of course, there is no one who is keen to lend money to someone who pays it back late or defaults on it entirely! This checking process is referred to as credit rating.
There are several organisations who keep this data about you - the two principle ones are Equifax and Experian.
If you are in the process of making a decision about borrowing money, get hold of a copy of the credit report before anything else. This will allow you to examine if all the information within it is accurate and challenge anything that is not right. As an example, just a single item of incorrect information - say your credit report shows an outstanding debt that has been dealt with - could be the difference between being granted a loan or mortgage - or not.
To get hold of your credit record you can get in touch with one of the credit reference agencies. It will cost you a small fee (around £2) and you will be sent a copy for you to look through.
Make sure that your file shows you on the electoral roll - if you are not there, this will have a negative impact on your credit score. Also, financial 'associations' - where possibly a person who lives with you or lived at your address at one time has a weak credit rating - will have an influence on your likelihood of getting credit.
If you notice any detail that is wrong on your file, inform, in writing, the organisation who has put down wrong information concerning you, and send out a copy to the credit record agency as well.
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