Bad Credit Ccj Arrears Loan
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When you apply for any kind of credit, whether it's a store card or credit card, a loan or a mortgage, for example, you will be subjected to a credit check by the loan company from whom you are requesting credit.
A credit check is a tool for a potential creditor to look at your financial history, past and present, including whether you take care of your debts on time, are late in making payments, or have neglected payments. A credit check also shows other unpaid debts and any history of County Court Judgements (CCJ's) and additional defaults.
Consequently this offers the loan company an idea of what type of risk you will be if they determine to offer you a loan - and the probability of getting the money they've lent you back! Naturally, nobody wants to offer a loan to someone who pays it back late or defaults on it entirely! This checking practice is called credit rating.
There are some bodies who have this financial information - the two principle ones are Equifax and Experian.
If you are making a decision about taking out any kind of credit, request a copy of your credit file first of all. This is so that you can check that all the information within it is right and question anything that looks out of place. As an example, even only a little bit of mistaken information - maybe your report notes an outstanding debt that has been settled - could sway the decision for being approved for credit - or not.
For a copy of your credit file you must go through a credit record agency. They will charge you a small fee (approximately £2) and they will send you a copy for you to look at.
Ensure that your record includes you on the electoral roll - if this is not the case, this will have a harmful effect on your credit rating. Also, financial 'associations' - where maybe someone who is living with you or has lived at your address previously has an inadequate credit rating - will have an influence on your chances of getting any credit.
If you spot any detail that is not correct on your credit file, contact, in writing, the company who has given incorrect information about you, and forward a copy to the credit record agency too.
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