Bad Credit Garenteed Loans
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When you make an application for credit, whether it is a credit or store card, a mortgage or a loan, for instance, you will have to go through a credit check by the company from whom you are requesting credit.
A credit check is a tool for a potential creditor to examine your past and current financial history, including whether you take care of your debts on time, make late payments, or have neglected payments. A credit check also includes additional unpaid debts and any records of County Court Judgements (CCJ's) and additional failures.
This offers the loan company a picture of what sort of financial risk you will be if they choose to give you a loan - and the probability of getting the money back! After all, nobody is keen to offer a loan to someone who doesn't make payments on time or doesn't pay at all! This checking procedure is termed credit rating.
There is a number of bodies who keep this data about you - the best known are Experian and Equifax.
If you are considering taking out credit, get a copy of your credit file before anything else. This will enable you to determine if all of your information showing on it is accurate and challenge anything that is not right. As an example, just a small piece of wrong information - maybe your file indicates an unresolved debt that was covered - could mean the difference between being offered a loan or mortgage - or not.
In order to get a copy of your record you must go through one of the credit reference agencies. You will be required to pay a small amount (around £2) and you will be sent a copy for you to look through.
Ensure that your file has 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 perhaps someone who lives with you or who lived at your address before has an inadequate credit rating - will influence your capacity to get credit.
If you spot information that is wrong on your record, inform, in writing, the organisation who has included wrong details about you, and forward a copy to the credit reference agency as well.
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