Compare Loans Available For People With Poor Credit Rating
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When you make a request for any kind of credit, whether it's a store card or credit card, a mortgage or a loan, for instance, you will be subjected to a credit check by the lender that you are asking for credit.
A credit check is a means for a loan company to look at your past and present financial history, including whether you take care of your debts on time, make overdue payments, or have missed payments. A credit check also presents additional outstanding amounts and any records of County Court Judgements (CCJ's) and additional defaults.
This gives the company a report of what kind of risk you will be should they choose to give you a loan - and the probability of getting the money they've lent you back! Of course, no lender wants to lend money to someone who pays it back late or doesn't pay at all! This checking practice is called credit scoring.
There are several agencies who hold this information concerning you - the most widely known are Equifax and Experian.
Should you be making a decision about taking out a loan, obtain a copy of your credit file before anything else. This will allow you to examine if all the information showing on it is correct and challenge anything that is not right. For instance, just a single item of incorrect information - say your file shows an unsettled debt that has been settled - could be the difference between being offered a mortgage or loan - or not.
To get a copy of your credit file you have to approach a credit reference agency. They will charge you a small amount (about £2) and they will send you a copy for you to look through.
Check that your record includes you on the electoral roll - if this is not so, this will have a harmful consequence for your credit rating. Also, financial 'associations' - where perhaps someone else who is living with you or lived at your address at one time has a weak credit rating - will have an influence on your likelihood of getting any credit.
If you find any detail that is wrong on your credit record, get in touch, in writing, with the organisation who has put down wrong data about you, and send out a copy to the credit reference agency as well.
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