Bad Credit Longterm Loans
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When you apply for any sort of credit, whether it's a bank credit card or store card, a loan or a mortgage, for example, it will be necessary for you to undergo a credit check by the creditor that you are approaching for credit.
A credit check is a means for a loan company to evaluate your previous and present financial history, including whether you settle your financial obligations on time, make late payments, or have missed payments. A credit check also reveals other unsettled debts and any County Court Judgements (CCJ's) and other defaults.
Consequently this offers the loan provider an idea of what degree of financial risk you will be should they choose to offer you a loan - and what chances they have of getting the loan paid back! Of course, no lender is willing to offer money to someone who doesn't make payments on time or defaults on it entirely! This checking system is referred to as credit rating.
There are some organisations who keep this information about you - the major ones are Experian and Equifax.
If you are in the process of thinking about taking out any kind of credit, request a copy of your credit file before anything else. This is so that you can check that all of your information showing on it is accurate and point out anything that looks wrong. For instance, even just one bit of incorrect information - say your report records an outstanding debt that was covered - could significantly impact you getting accepted for some kind of credit - or not.
To get a copy of your credit record you will need to contact one of the credit reference agencies. You will be charged a small fee (somewhere around £2) and they will send you a copy for you to look at.
Make sure that your file records you on the electoral roll - if you are not there, this will have a negative effect on your credit score. Also, financial 'associations' - where perhaps someone else who is living with you or previously lived at your address has an inadequate credit score - will have an impact on your ability to get any credit.
If you come across data that is incorrect on your file, make contact, in writing, with the company who has listed incorrect details about you, and send a copy to the credit reference agency as well.
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