Bad Credit Loans Not A Homeowner
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When you fill out an application for any sort of credit, whether it's a store card or credit card, a mortgage or a loan, for example, you will undergo a credit check by the loan provider that you are applying to for credit.
A credit check helps a lender to examine your past and current financial history, including whether you pay off your debts on time, are late with payments, or have neglected payments. A credit check also indicates any unsettled debts and any County Court Judgements (CCJ's) and additional failures.
This then gives the creditor details of what type of financial risk you will be if they choose to give you a loan - and what the chances are of getting the loan money back! After all, no company is keen to offer money to someone who pays it back late or not at all! This checking procedure is termed credit scoring.
There are several agencies who compile this data concerning you - the major ones are Experian and Equifax.
If you are in the process of considering taking out a loan, get a copy of your credit file first of all. This is for you to determine if all the information in it is correct and query anything that looks wrong. For instance, even just one bit of incorrect information - say your credit file mentions an outstanding debt that was paid - could sway the decision for getting accepted for credit - or not.
To obtain a copy of your credit record you will need to make contact with one of the credit reference agencies. You will be charged a small amount (approximately £2) and you will be sent a copy for you to look through.
Make sure that your record shows you on the electoral roll - if not, this will have a damaging effect on your credit score. Also, financial 'associations' - where possibly someone who lives with you or lived at your address at one time has an inadequate credit rating - will affect your likelihood of getting credit.
If you notice information that is wrong on your credit file, make contact, in writing, with the company who has presented incorrect data about you, and deliver a copy to the credit record agency too.
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