Guaranteed Loans For Bad Creditors UK
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When you attempt to get any sort of credit, whether it's a bank credit card or store card, a mortgage or a loan, for instance, you will undergo a credit check by the creditor that you are asking for credit.
A credit check is a way for a potential creditor to see your past and present financial history, which includes whether you settle your financial obligations on time, are late with payments, or have failed to make payments. A credit check also shows additional unpaid debts and any County Court Judgements (CCJ's) and additional defaults.
This then gives the loan company a profile of what type of financial risk you will be should they decide to give you a loan - and what chances they have of getting the money they've lent you back! In the end, no lender wants to offer money to someone who won't pay it back on time or not at all! This checking system is termed credit rating.
There is a number of agencies who compile this data about you - the best known are Experian and Equifax.
When you are making a decision about taking out a loan, ask for a copy of your credit file first. This will allow you to see if all the information in it is correct and challenge anything that is inaccurate. For instance, just a small piece of mistaken information - maybe your file records an unresolved debt that was paid - could significantly impact you being offered some kind of credit - or not.
In order to get a copy of your record you will need to approach a credit record agency. They will charge you a small fee (approximately £2) and they will send you a copy for you to assess.
Confirm that your credit file records you on the electoral roll - if you are not there, this will have a harmful influence on your credit rating. Also, financial 'associations' - where possibly another person who is living with you or who lived at your address before has an unacceptable credit rating - will influence your likelihood of getting credit.
If you see any detail that is incorrect on your file, inform, in writing, the company who has presented wrong information about you, and deliver a copy to the credit reference agency as well.
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