I Have Bad Credit I Want A Loan
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When you attempt to get any credit, whether it's a store card or credit card, a loan or a mortgage, for instance, you will be subjected to a credit check by the loan provider from whom you are requesting credit.
A credit check is a tool for a lender to view your past and present financial history, which includes whether you settle your debts on time, make late payments, or have failed to make payments. A credit check also reveals other unsettled debts and any County Court Judgements (CCJ's) and additional defaults.
Consequently this offers the lender details of how much risk you will be if they choose to give you a loan - and what chances they have of getting the loan paid back! Of course, no company wishes to lend to someone who doesn't make payments on time or not at all! This checking system is referred to as credit rating.
There are some bodies who keep this information concerning you - the most widely known are Experian and Equifax.
Should you be thinking about taking out a loan, get a copy of your credit file first. This is for you to examine if all the information in it is right and query anything that looks out of place. For example, even just one bit of erroneous information - maybe your file mentions an unpaid debt that has been paid - might be the determining factor for getting approved for a loan or mortgage - or not.
In order to obtain a copy of your credit record you must make contact with a credit record agency. It will cost you a small fee (about £2) and they will send you a copy for you to look through.
Ensure that your record includes you on the electoral roll - if this is not the case, this will have a detrimental impact on your credit score. Also, financial 'associations' - where perhaps someone else who lives with you or has lived at your address previously has a weak credit score - will have an influence on your ability to get credit.
If you spot anything that is false on your credit record, inform, in writing, the company who has given faulty details concerning you, and send a copy to the credit record agency as well.
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