Apply For A Loan For People With Bad Credit
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When you fill out an application for any sort of credit, whether it is a credit card or store card, a loan or a mortgage, for instance, you will be subjected to a credit check by the lender that you are applying to for credit.
A credit check allows a loan provider to investigate your past and present financial history, which includes whether you service your debts on time, make overdue payments, or have failed to make payments. A credit check also shows additional outstanding debts and any history of County Court Judgements (CCJ's) and additional failures.
This then gives the company an idea of what kind of financial risk you will be should they decide to give you credit - and what chances they have of getting the money they've lent you back! After all, no company is keen to offer money to someone who won't pay it back on time or defaults on it entirely! This checking process is called credit rating.
There are some bodies who compile this information concerning you - the two main ones are Experian and Equifax.
If you are considering taking out any kind of credit, ask for a copy of your credit file beforehand. This means that you can see if all the information within it is right and point out anything that is not right. As an example, only a tiny bit of erroneous information - say your credit report indicates an unpaid debt that was paid - could be the key factor in being approved for a mortgage or loan - or not.
For a copy of your credit file you will need to contact a credit reference agency. You will be charged a small fee (about £2) and they will send you a copy for you to look through.
Confirm that your file shows you on the electoral roll - if this is not so, this will have a harmful impact on your credit score. Also, financial 'associations' - where possibly someone who is living with you or lived at your address at one time has a poor credit rating - will influence the probability of getting any credit.
If you notice data that is wrong on your file, contact, in writing, the company who has put down incorrect information concerning you, and send a copy to the credit record agency too.
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