I Have Bad Credit And I Need A Loan
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When you apply for any kind of credit, whether it is a credit card or store card, a loan or a mortgage, for example, you will be subjected to a credit check by the loan provider from whom you are requesting credit.
A credit check is a means for a loan provider to view your previous and present financial history, issues such as whether you take care of your debts on time, make late payments, or have not made payments. A credit check also presents any outstanding amounts and any County Court Judgements (CCJ's) and additional failures.
This gives the lender an idea of what kind of risk you will be if they decide to give you credit - and what the chances are of getting their money back! Of course, no lender is willing to lend to someone who doesn't make payments on time or not at all! This checking system is known as credit rating.
There are several agencies who have this information about you - the two principle ones are Experian and Equifax.
In the event you are considering taking out a loan, ask for a copy of your credit file beforehand. This will give you an opportunity to see if all of your information included in it is accurate and challenge anything that is inaccurate. For instance, even just one bit of erroneous information - maybe your file shows an unpaid debt that has been paid - could be the difference between being approved for some kind of credit - or not.
In order to get a copy of your record you must get in touch with a credit reference agency. You will have to pay a small amount (about £2) and you will be sent a copy for your perusal.
Verify that your record has you on the electoral roll - if this is not so, this will have a negative consequence for your credit rating. Also, financial 'associations' - where perhaps someone who lives with you or lived at your address at one time has an unacceptable credit rating - will have an influence on your chances of getting credit.
If you find information that is not correct on your record, get in touch, in writing, with the company who has given faulty details about you, and send a copy to the credit reference agency as well.
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