Bad Credit Loans No Credit Check
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When you attempt to get any sort of credit, whether it is a credit or store card, a mortgage or a loan, for example, you will be subjected to a credit check by the lender that you are approaching for credit.
A credit check is a method that allows a financial organisation to see your past and current financial history, issues such as whether you meet your financial obligations on time, are late in making payments, or have failed to make payments. A credit check also includes other outstanding debts and also any County Court Judgements (CCJ's) and other defaults.
This then gives the lender a picture of what sort of risk you will be if they decide to lend to you - and what chances they have of getting their money back! Naturally, no one is willing to offer a loan to someone who won't pay it back on time or not at all! This checking practice is referred to as credit scoring.
There are several organisations who keep this information about you - the two main ones are Equifax and Experian.
When you are considering taking out a loan, ask for a copy of your credit file first. This is for you to confirm that all the information within it is right and question anything that looks wrong. As an example, just a single item of mistaken information - maybe your report records an existing debt that has been dealt with - could be the key factor in being approved for a mortgage or loan - or not.
To get hold of your credit record you have to make contact with a credit record agency. You will have to pay a small fee (about £2) and a copy will be sent to you for you to look through.
Ensure that your file has you on the electoral roll - if not, this will have a negative effect on your credit score. Also, financial 'associations' - where possibly someone who lives with you or lived at your address at one time has a low credit score - will have an impact on your ability to get any credit.
If you see anything that is wrong on your file, get in touch, in writing, with the company who has included faulty details about you, and deliver a copy to the credit reference agency as well.
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