Bad Credit Secured Loan Companies
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When you fill out an application for any sort of credit, whether it is a credit or store card, a loan or a mortgage, for instance, it will be necessary for you to undergo a credit check by the lender that you are approaching for credit.
A credit check is a way for a loan provider to look at your financial history, past and present, which includes whether you pay off your debts on time, are late in making payments, or have failed to make payments. A credit check also indicates additional outstanding debts and any history of County Court Judgements (CCJ's) and additional defaults.
Consequently this gives the loan provider a profile of what degree of risk you present if they decide to lend to you - and the probability of getting the loan paid back! After all, no lender wants to lend money to someone who pays it back late or defaults on it entirely! This checking practice is called credit scoring.
There are some bodies who compile this information concerning you - the two main ones are Experian and Equifax.
If you are in the process of thinking about taking out any kind of credit, ask for a copy of the credit report before anything else. This is so that you can check that all of your information in it is correct and query anything that is inaccurate. For example, even just one bit of mistaken information - say your file shows an unsettled debt that was covered - could significantly impact you getting accepted for a loan or mortgage - or not.
In order to get a copy of your file you have to contact one of the credit record agencies. It will cost you a small fee (about £2) and you will be sent a copy for you to look through.
Ensure that your record shows you on the electoral roll - if you are not there, this will have an adverse influence on your credit rating. Also, financial 'associations' - where possibly someone who is living with you or lived at your address at one time has an inadequate credit rating - will have an impact on your ability to get credit.
If you notice information that is wrong on your credit file, report it, in writing, to the company who has given incorrect details regarding you, and forward a copy to the credit reference agency too.
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