Bad Credit No Credit Check Loan Companys
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When you make a request for any kind of credit, whether it's a bank credit card or store card, a mortgage or a loan, for example, you will be subjected to a credit check by the creditor from whom you are requesting credit.
A credit check helps a loan provider to evaluate your previous and present financial history, including whether you pay off your debts on time, are late with payments, or have missed payments. A credit check also indicates any outstanding amounts and any history of County Court Judgements (CCJ's) and other defaults.
This gives the lender a picture of what sort of financial risk you will be if they choose to offer you a loan - and what chances they have of getting the money they've lent you back! Naturally, no one wishes to lend to someone who pays it back late or doesn't pay at all! This checking system is referred to as credit scoring.
There are a few bodies who compile this information concerning you - the two principle ones are Equifax and Experian.
When you are thinking about taking out any kind of credit, get a copy of the credit report before anything else. This is so that you can check that all the data in it is accurate and challenge anything that is not right. As an example, even just one bit of erroneous information - say your credit report notes an existing debt that has been settled - could be the key factor in being granted a loan or mortgage - or not.
To obtain a copy of your credit record you must make contact with a credit reference agency. You will be charged a small fee (about £2) and they will send you a copy for you to assess.
Check that your record records you on the electoral roll - if this is not the case, this will have a detrimental consequence for your credit rating. Also, financial 'associations' - where possibly a person who is living with you or who lived at your address before has a weak credit score - will influence your chances of getting credit.
If you come across anything that is not correct on your credit record, inform, in writing, the organisation who has included inaccurate data concerning you, and deliver a copy to the credit record agency too.
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