I Have Bad Credit And Need A Loan Fast
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When you attempt to get any credit, whether it is a credit or store card, a mortgage or a loan, for instance, you will be subjected to a credit check by the loan provider through whom you are seeking credit.
A credit check is a way for a lender to look at your previous and present financial history, including whether you settle your debts on time, make overdue payments, or have neglected payments. A credit check also presents other outstanding debts and any records of County Court Judgements (CCJ's) and additional defaults.
This gives the company a report of what level of financial risk you will be if they decide to offer you a loan - and the probability of getting the loan money back! Naturally, no company desires to give money to someone who pays it back late or not at all! This checking process is known as credit rating.
There are several bodies who hold this financial information - the two main ones are Equifax and Experian.
Should you be considering taking out any kind of credit, obtain a copy of your credit file first. This is so that you can check that all of your information on it is accurate and query anything that is not right. For instance, just a single item of mistaken information - maybe your report records an outstanding debt that was paid - could be the difference between getting accepted for a loan or mortgage - or not.
In order to obtain a copy of your record you must contact a credit record agency. You will have to pay a small fee (approximately £2) and you will be sent a copy for you to assess.
Verify that your file shows you on the electoral roll - if you are not on it, this will have a harmful consequence for your credit score. Also, financial 'associations' - where maybe someone else who is living with you or who lived at your address before has a low credit score - will have an impact on your likelihood of getting credit.
If you spot data that is not correct on your file, make contact, in writing, with the organisation who has listed faulty data concerning you, and send a copy to the credit reference agency as well.
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