Bad Credit Non Homeowner Loans
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When you apply for any sort of credit, whether it's a bank credit card or store card, a mortgage or a loan, for example, it will be necessary for you to undergo a credit check by the company that you are asking for credit.
A credit check is a means for a potential creditor to see your past and present financial history, including whether you pay off your debts on time, make overdue payments, or have failed to make payments. A credit check also shows other unsettled debts and any records of County Court Judgements (CCJ's) and additional defaults.
This offers the loan provider a profile of what sort of risk you will be should they choose to lend you money - and what the likelihood is of getting the loan paid back! In the end, no company wants to lend money to someone who doesn't make payments on time or not at all! This checking process is termed credit scoring.
There are some bodies who hold this financial information - the two principle ones are Equifax and Experian.
When you are considering taking out any kind of credit, request a copy of your credit file before anything else. This is for you to check that all of your information within it is right and question anything that is questionable. As an example, even just one bit of mistaken information - maybe your file notes an outstanding debt that was paid - could be the difference between getting approved for credit - or not.
In order to get a copy of your credit file you can contact a credit record agency. You will be charged a small fee (about £2) and they will send you a copy for you to look at.
Confirm that your credit file has you on the electoral roll - if this is not the case, this will have a detrimental influence on your score. Also, financial 'associations' - where possibly someone who lives with you or who lived at your address before has an inadequate credit rating - will affect the probability of getting any credit.
If you spot data that is wrong on your record, get in touch, in writing, with the organisation who has listed inaccurate details regarding you, and deliver a copy to the credit record agency too.
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