Bad Credit History Car Loan UK
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When you make a request for 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 that you are applying to for credit.
A credit check is a way for a financial organisation to view your financial history, past and present, which includes whether you take care of your debts on time, make late payments, or have not made payments. A credit check also shows additional unpaid debts and any records of County Court Judgements (CCJ's) and additional defaults.
This therefore offers the loan provider a profile of what level of risk you present should they decide to give you credit - and what the likelihood is of getting the money they've lent you back! After all, nobody is keen to offer money to someone who pays it back late or doesn't pay at all! This checking process is referred to as credit rating.
There is a number of bodies who keep this financial information - the two principle ones are Equifax and Experian.
If you are in the process of thinking about taking out credit, get a copy of the credit report first of all. This is for you to confirm that all the data within it is right and query anything that is not right. For example, only a tiny bit of mistaken information - maybe your file shows an unsettled debt that has been dealt with - could sway the decision for getting accepted for credit - or not.
To get a copy of your file you must go through one of the credit reference agencies. You will be charged a small fee (somewhere around £2) and a copy will be sent to you for you to look through.
Check that your credit file includes you on the electoral roll - if you are not there, this will have a detrimental consequence for your score. Also, financial 'associations' - where maybe someone who lives with you or has lived at your address previously has a poor credit score - will have an influence on your ability to get credit.
If you come across data that is not correct on your file, get in touch, in writing, with the organisation who has put down inaccurate information concerning you, and forward a copy to the credit record agency too.
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