Consolidated Loans For Bad Credit
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When you make an application for a loan or credit of any sort, whether it's a store card or credit card, a loan or a mortgage, for example, you will have to go through a credit check by the creditor through whom you are seeking credit.
A credit check helps a potential creditor to investigate your financial history, past and present, issues such as whether you take care of your debts on time, are late with payments, or have missed payments. A credit check also reveals other unpaid debts and also any County Court Judgements (CCJ's) and other defaults.
This then offers the company an idea of what kind of financial risk you will be if they decide to give you a loan - and what the likelihood is of getting the loan paid back! In the end, no one wants to give money to someone who pays it back late or doesn't pay at all! This checking process is called credit scoring.
There are some agencies who have this financial information - the best known are Experian and Equifax.
When you are thinking about taking out a loan, obtain a copy of the credit report before anything else. This means that you can see if all of your information within it is accurate and query anything that is not right. As an example, just a small piece of wrong information - say your file indicates an unsettled debt that was paid - could sway the decision for being granted some kind of credit - or not.
To obtain a copy of your credit file you have to make contact with a credit reference agency. You will have to pay a small amount (about £2) and a copy will be sent to you for you to look through.
Confirm that your record includes you on the electoral roll - if this is not so, this will have a damaging impact on your score. Also, financial 'associations' - where maybe a person who is living with you or previously lived at your address has a weak credit score - will have an impact on your chances of getting any credit.
If you spot data that is not correct on your credit record, inform, in writing, the company who has given incorrect details concerning you, and send a copy to the credit record agency as well.
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