Companys Who Loan To People With Bad Credit
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When you make an application for any kind of credit, whether it is a credit card or store card, a mortgage or a loan, for example, you will undergo a credit check by the creditor from whom you are requesting credit.
A credit check is a way for a lender to see your past and present financial history, including whether you take care of your debts on time, are late with payments, or have missed payments. A credit check also shows any unpaid debts and any County Court Judgements (CCJ's) and other defaults.
Consequently this offers the company a profile of what level of financial risk you present should they choose to give you credit - and what the chances are of getting the money back! After all, nobody wishes to lend to someone who doesn't make payments on time or defaults on it entirely! This checking procedure is termed credit rating.
There are several organisations who have this information concerning you - the major ones are Experian and Equifax.
If you are making a decision about taking out a loan, ask for a copy of your credit file beforehand. This will allow you to confirm that all of your information included in it is correct and query anything that is questionable. As an example, just a small piece of distorted information - maybe your report mentions an unresolved debt that has been settled - could sway the decision for getting accepted for a mortgage or loan - or not.
For a copy of your credit file you have to make contact with a credit reference agency. They will charge you a small amount (approximately £2) and a copy will be sent to you for you to look through.
Confirm that your record records you on the electoral roll - if this is not so, this will have a detrimental influence on your score. Also, financial 'associations' - where possibly a person who is living with you or previously lived at your address has a low credit rating - will have an influence on your likelihood of getting any credit.
If you notice data that is not correct on your record, contact, in writing, the company who has listed wrong information regarding you, and send out a copy to the credit reference agency as well.
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