Do Nationwide Do Loans For Unemployed With Bad Credit
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When you make an application for a loan or credit of any sort, whether it is a credit or store card, a mortgage or a loan, for example, you will have to go through a credit check by the lender from whom you are requesting credit.
A credit check helps a loan provider to investigate your financial history, past and present, which includes whether you settle your financial obligations on time, make late payments, or have neglected payments. A credit check also indicates additional unresolved debts and any records of County Court Judgements (CCJ's) and other lapses.
Consequently this offers the loan company an idea of what sort of financial risk you present if they decide to lend to you - and what chances they have of getting the money they've lent you back! In the end, no one wants to lend to someone who doesn't make payments on time or not at all! This checking procedure is known as credit scoring.
There are several organisations who hold this data concerning you - the best known are Experian and Equifax.
When you are thinking about borrowing money, get hold of a copy of your credit file first. This will allow you to confirm that all of your information showing on it is correct and query anything that looks wrong. As an example, just a little bit of distorted information - say your file shows an existing debt that has been dealt with - could sway the decision for being approved for some kind of credit - or not.
To get a copy of your credit file you can approach a credit reference agency. It will cost you a small fee (about £2) and a copy will be sent to you for you to look through.
Confirm that your credit file has you on the electoral roll - if this is not the case, this will have a negative influence on your credit rating. Also, financial 'associations' - where possibly another person who lives with you or lived at your address at one time has a low credit rating - will have an impact on the probability of getting credit.
If you come across information that is false on your file, report it, in writing, to the organisation who has listed incorrect data concerning you, and send a copy to the credit record agency as well.
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