Having Problems Paying My Car Loan
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When you make a request for any credit, whether it is a credit or store card, a loan or a mortgage, for example, you will be subjected to a credit check by the company that you are applying to for credit.
A credit check allows a financial organisation to examine your past and current financial history, including whether you settle your financial obligations on time, make overdue payments, or have neglected payments. A credit check also reveals other unsettled debts and also any County Court Judgements (CCJ's) and other defaults.
Consequently this gives the company a profile of what degree of financial risk you present if they choose to give you credit - and what chances they have of getting the loan money back! In the end, nobody is keen to lend to someone who won't pay it back on time or defaults on it entirely! This checking procedure is referred to as credit rating.
There are a few bodies who have this information concerning you - the two principle ones are Equifax and Experian.
If you are in the process of considering taking out a loan, get hold of a copy of the credit report before anything else. This is so that you can examine if all of your information on it is correct and query anything that looks wrong. For instance, even only a little bit of erroneous information - say your report notes an unresolved debt that has been settled - might be the determining factor for getting approved for some kind of credit - or not.
In order to obtain a copy of your credit record you must go through one of the credit record agencies. It will cost you a small fee (approximately £2) and a copy will be sent to you for you to look through.
Verify that your credit file records you on the electoral roll - if not, this will have a detrimental influence on your credit rating. Also, financial 'associations' - where possibly a person who lives with you or who lived at your address before has a poor credit score - will affect your likelihood of getting any credit.
If you find data that is incorrect on your record, inform, in writing, the company who has given incorrect details concerning you, and deliver a copy to the credit reference agency too.
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