Guarenteed Bad Credit Loans
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When you make an application for any credit, whether it is a credit card or store card, a mortgage or a loan, for example, you will have to go through a credit check by the loan company that you are applying to for credit.
A credit check is a means for a loan provider to view your past and present financial history, which includes whether you pay off your debts on time, make late payments, or have failed to make payments. A credit check also reveals other outstanding amounts and also any County Court Judgements (CCJ's) and additional failures.
This then gives the loan company an idea of what kind of risk you present if they choose to lend you money - and what chances they have of getting their money back! Naturally, no one is willing to give money to someone who pays it back late or not at all! This checking procedure is referred to as credit rating.
There are a few bodies who store this financial information - the major ones are Equifax and Experian.
In the event you are considering taking out credit, request a copy of the credit report beforehand. This will give you an opportunity to see if all the data on it is right and challenge anything that is not right. For example, even just one bit of distorted information - say your credit report indicates an unsettled debt that has been dealt with - could mean the difference between being offered a mortgage or loan - or not.
For a copy of your credit record you have to make contact with one of the credit reference agencies. They will charge you a small fee (approximately £2) and a copy will be sent to you for your perusal.
Confirm that your credit record shows you on the electoral roll - if not, this will have an adverse impact on your credit rating. Also, financial 'associations' - where perhaps another person who lives with you or previously lived at your address has a low credit rating - will have an influence on your chances of getting credit.
If you find anything that is incorrect on your credit record, inform, in writing, the company who has put down faulty information regarding you, and forward a copy to the credit record agency as well.
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