Emergency Bad Credit Loan
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When you make an application for any kind of credit, whether it's a bank credit card or store card, a mortgage or a loan, for example, you will be subjected to a credit check by the loan provider from whom you are requesting credit.
A credit check helps a potential creditor to examine your past and present financial history, including whether you settle your financial obligations on time, are late with payments, or have failed to make payments. A credit check also presents additional outstanding amounts and any County Court Judgements (CCJ's) and other lapses.
Consequently this offers the lender an idea of what kind of financial risk you present should they choose to lend to you - and what the likelihood is of getting the loan money back! After all, there is no one who wishes to lend to someone who won't pay it back on time or defaults on it entirely! This checking system is referred to as credit rating.
There is a number of organisations who hold this information concerning you - the two main ones are Experian and Equifax.
When you are making a decision about taking out a loan, get a copy of the credit report first of all. This will give you an opportunity to see if all the data within it is correct and point out anything that is questionable. For instance, only a tiny bit of incorrect information - say your credit report indicates an unresolved debt that was covered - could be the difference between being granted a mortgage or loan - or not.
To get a copy of your credit file you will need to contact one of the credit reference agencies. They will charge you a small fee (approximately £2) and a copy will be sent to you for you to assess.
Make sure that your file shows you on the electoral roll - if you are not on it, this will have an adverse impact on your credit score. Also, financial 'associations' - where perhaps another person who lives with you or who lived at your address before has a low credit rating - will influence your ability to get any credit.
If you see data that is not correct on your file, get in touch, in writing, with the organisation who has given incorrect details about you, and forward a copy to the credit reference agency as well.
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