Bad Credit Home Improvement Loans
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When you fill out an application for any kind of credit, whether it is a credit or store card, a loan or a mortgage, for instance, you will be subjected to a credit check by the creditor that you are asking for credit.
A credit check helps a loan provider to examine your past and present financial history, including whether you meet your financial obligations on time, are late with payments, or have failed to make payments. A credit check also indicates other unresolved debts and also any County Court Judgements (CCJ's) and additional failures.
Consequently this gives the lender a picture of what sort of risk you will be should they choose to offer you a loan - and what the chances are of getting the money they've lent you back! Naturally, no one wants to give money to someone who doesn't make payments on time or not at all! This checking process is termed credit scoring.
There are a few bodies who store this information about you - the major ones are Equifax and Experian.
Should you be making a decision about taking out a loan, ask for a copy of your credit file first. This means that you can confirm that all of your information in it is right and challenge anything that is not right. For instance, just a little bit of distorted information - say your credit file mentions an existing debt that was paid - could be the difference between being approved for a loan or mortgage - or not.
To get a copy of your credit record you have to contact 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 you to assess.
Make sure that your file has you on the electoral roll - if you are not on it, this will have a negative consequence for your credit rating. Also, financial 'associations' - where perhaps a person who is living with you or has lived at your address previously has a low credit score - will affect your capacity to get credit.
If you uncover data that is wrong on your credit file, get in touch, in writing, with the company who has presented inaccurate information regarding you, and forward a copy to the credit reference agency too.
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