Debt Cosolidation Loans For Bad Credit
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When you apply for any credit, whether it is a credit or store card, a mortgage or a loan, for example, you will have to go through a credit check by the creditor from whom you are requesting credit.
A credit check is a way for a lender to investigate your financial history, past and present, which includes whether you take care of your debts on time, are late with payments, or have missed payments. A credit check also presents any unsettled debts and any history of County Court Judgements (CCJ's) and other defaults.
Consequently this offers the company an idea of what degree of risk you present if they decide to lend you money - and what the likelihood is of getting the money they've lent you back! Of course, no one desires to lend to someone who pays it back late or doesn't pay at all! This checking procedure is called credit rating.
There are several agencies who store this data about you - the best known are Equifax and Experian.
Should you be considering taking out a loan, get a copy of your credit file beforehand. This will give you an opportunity to confirm that all the information showing on it is correct and query anything that is questionable. For instance, even only a little bit of wrong information - say your credit file notes an unpaid debt that was covered - might be the determining factor for being granted some kind of credit - or not.
In order to obtain a copy of your credit file you must go through one of the credit reference agencies. You will be charged a small fee (about £2) and you will be sent a copy for you to assess.
Make sure that your file shows you on the electoral roll - if this is not so, this will have a harmful consequence for your score. Also, financial 'associations' - where possibly someone else who lives with you or who lived at your address before has an inadequate credit rating - will influence your capacity to get any credit.
If you notice anything that is incorrect on your file, contact, in writing, the company who has given incorrect information concerning you, and send a copy to the credit record agency as well.
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