Bad Credit Intrest Only Loans
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When you apply for a loan or credit of any sort, whether it is a credit card or store card, a mortgage or a loan, for instance, you will have to go through a credit check by the loan company from whom you are requesting credit.
A credit check is a tool for a loan provider to evaluate your past and present financial history, including whether you settle your debts on time, are late with payments, or have missed payments. A credit check also presents any unpaid debts and any history of County Court Judgements (CCJ's) and additional defaults.
This therefore gives the creditor a profile of what kind of financial risk you will be should they decide to lend you money - and what chances they have of getting the loan paid back! In the end, no company is keen to lend to someone who doesn't make payments on time or doesn't pay at all! This checking process is termed credit rating.
There are a few agencies who hold this data concerning you - the best known are Equifax and Experian.
If you are in the process of considering taking out credit, obtain a copy of your credit file before anything else. This will enable you to determine if all the information in it is right and challenge anything that looks wrong. For instance, even just one bit of erroneous information - say your credit report indicates an outstanding debt that was paid - could mean the difference between getting approved for a loan or mortgage - or not.
In order to obtain a copy of your credit file you must contact one of the credit record agencies. You will be required to pay a small fee (about £2) and they will send you a copy for your perusal.
Ensure that your credit record shows you on the electoral roll - if this is not so, this will have a damaging effect on your score. Also, financial 'associations' - where possibly a person who is living with you or has lived at your address previously has an inadequate credit score - will affect your capacity to get credit.
If you see anything that is incorrect on your record, get in touch, in writing, with the company who has presented inaccurate information concerning you, and forward a copy to the credit record agency too.
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