Bad Credit Usecured Loan
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When you make an application for any sort of credit, whether it's a store card or credit card, a mortgage or a loan, for instance, you will have to go through a credit check by the creditor that you are asking for credit.
A credit check helps a loan provider to investigate your past and current financial history, including whether you meet your financial obligations on time, make late payments, or have missed payments. A credit check also indicates other unpaid debts and any records of County Court Judgements (CCJ's) and other lapses.
Consequently this offers the lender a picture of what degree of financial risk you will be if they determine to give you a loan - and what the chances are of getting the loan money back! Naturally, no lender wishes to offer money to someone who pays it back late or defaults on it entirely! This checking practice is called credit scoring.
There are some agencies who have this information concerning you - the two main ones are Equifax and Experian.
If you are in the process of considering taking out any kind of credit, request a copy of the credit report first of all. This will allow you to examine if all the information included in it is accurate and query anything that is inaccurate. As an example, just a small piece of erroneous information - maybe your report indicates an unresolved debt that has been dealt with - could mean the difference between being granted credit - or not.
To get a copy of your record you must contact one of the credit record agencies. It will cost you a small amount (about £2) and a copy will be sent to you for you to look at.
Confirm that your credit file records you on the electoral roll - if not, this will have a harmful influence on your credit score. Also, financial 'associations' - where perhaps someone else who lives with you or has lived at your address previously has a low credit score - will have an influence on your likelihood of getting credit.
If you notice data that is incorrect on your file, inform, in writing, the company who has given inaccurate details concerning you, and send a copy to the credit reference agency as well.
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