Fast Loans For People With Really Bad Credit
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When you apply for any credit, whether it's a bank credit card or store card, a loan or a mortgage, for example, you will have to go through a credit check by the company from whom you are requesting credit.
A credit check helps a potential creditor to examine your past and present financial history, which includes whether you settle your debts on time, are late with payments, or have missed payments. A credit check also indicates additional unsettled debts and any history of County Court Judgements (CCJ's) and other lapses.
This offers the lender details of what sort of financial risk you will be should they choose to give you a loan - and what the chances are of getting the money back! In the end, no lender wishes to give money to someone who doesn't make payments on time or not at all! This checking practice is known as credit scoring.
There are a few bodies who have this financial information - the two principle ones are Equifax and Experian.
If you are in the process of thinking about taking out credit, ask for a copy of your credit file beforehand. This means that you can confirm that all the information on it is accurate and challenge anything that is not right. For instance, just a small piece of mistaken information - say your report mentions an unsettled debt that has been dealt with - could mean the difference between being granted credit - or not.
To get a copy of your credit record you must approach a credit reference agency. It will cost you a small amount (around £2) and you will be sent a copy for you to look at.
Confirm that your record has you on the electoral roll - if you are not on it, this will have a damaging influence on your credit rating. Also, financial 'associations' - where possibly another person who lives with you or who lived at your address before has a poor credit score - will have an influence on your capacity to get any credit.
If you uncover anything that is wrong on your credit file, make contact, in writing, with the organisation who has given incorrect details about you, and deliver a copy to the credit reference agency too.
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