24 Hr Bad Credit Loan
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When you fill out an application for any sort of credit, whether it is a credit or store card, a mortgage or a loan, for example, you will undergo a credit check by the creditor from whom you are requesting credit.
A credit check is a way for a financial organisation to look at your previous and present financial history, issues such as whether you take care of your debts on time, are late in making payments, or have not made payments. A credit check also shows any outstanding amounts and also any County Court Judgements (CCJ's) and additional failures.
This then gives the loan company an idea of what kind of financial risk you will be if they decide to lend to you - and what the likelihood is of getting the money they've lent you back! Of course, there is no one who wants to offer money to someone who doesn't make payments on time or doesn't pay at all! This checking practice is called credit scoring.
There are some bodies who keep this financial information - the best known are Equifax and Experian.
When you are thinking about taking out a loan, ask for a copy of the credit report before anything else. This means that you can see if all the data on it is right and challenge anything that is not right. As an example, even only a little bit of erroneous information - say your credit report mentions an unsettled debt that was paid - could mean the difference between being approved for a mortgage or loan - or not.
To get a copy of your credit record you can go through one of the credit record agencies. You will be required to pay a small amount (somewhere around £2) and they will send you a copy for your perusal.
Make sure that your record shows you on the electoral roll - if this is not the case, this will have an adverse effect on your credit rating. Also, financial 'associations' - where possibly a person who is living with you or has lived at your address previously has a low credit rating - will affect the probability of getting any credit.
If you uncover information that is not correct on your record, make contact, in writing, with the company who has given incorrect information concerning you, and send out a copy to the credit record agency as well.
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