Find Loan Companies For People With Bad Credit
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When you apply for any kind of credit, whether it is a credit card or store card, a mortgage or a loan, for instance, you will undergo a credit check by the company that you are approaching for credit.
A credit check is a method that allows a loan provider to investigate your financial history, past and present, issues such as whether you settle your debts on time, make late payments, or have missed payments. A credit check also includes additional outstanding debts and also any County Court Judgements (CCJ's) and additional failures.
Consequently this offers the lender an idea of what level of risk you present if they choose to give you credit - and what chances they have of getting the loan money back! Naturally, nobody is keen to lend money to someone who pays it back late or doesn't pay at all! This checking procedure is called credit rating.
There are several organisations who hold this data about you - the most widely known are Experian and Equifax.
If you are in the process of considering applying for credit, ask for a copy of your credit file beforehand. This is for you to determine if all the data showing on it is correct and question anything that looks wrong. For example, even only a little bit of mistaken information - maybe your report mentions an unsettled debt that was covered - could significantly impact you getting approved for a loan or mortgage - or not.
In order to get a copy of your credit record you will need to make contact with one of the credit record agencies. It will cost you a small fee (about £2) and they will send you a copy for you to assess.
Make sure that your file shows you on the electoral roll - if you are not there, this will have an adverse effect on your credit score. Also, financial 'associations' - where perhaps a person who is living with you or has lived at your address previously has a weak credit rating - will influence your likelihood of getting credit.
If you find data that is wrong on your record, get in touch, in writing, with the organisation who has presented faulty data about you, and send a copy to the credit reference agency as well.
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