Default On Secured Loan
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When you attempt to get any kind of credit, whether it's a bank credit card or store card, a mortgage or a loan, for instance, you will undergo a credit check by the lender that you are asking for credit.
A credit check is a way for a lender to examine your past and present financial history, including whether you settle your debts on time, are late with payments, or have failed to make payments. A credit check also shows any outstanding debts and also any County Court Judgements (CCJ's) and other lapses.
This gives the creditor an idea of what type of risk you present if they choose to give you credit - and the probability of getting their money back! In the end, no lender wishes to offer a loan to someone who doesn't make payments on time or doesn't pay at all! This checking practice is termed credit scoring.
There are some organisations who store this information concerning you - the two main ones are Equifax and Experian.
If you are in the process of making a decision about taking out credit, request a copy of the credit report beforehand. This is so that you can see if all of your information in it is right and challenge anything that is questionable. As an example, only a tiny bit of incorrect information - maybe your file shows an unpaid debt that has been paid - could sway the decision for being approved for credit - or not.
To get a copy of your file you will need to go through a credit record agency. You will be required to pay a small fee (about £2) and you will be sent a copy for you to assess.
Check that your record records you on the electoral roll - if you are not on it, this will have a negative effect on your credit rating. Also, financial 'associations' - where perhaps someone who is living with you or previously lived at your address has a low credit rating - will have an impact on your ability to get any credit.
If you notice data that is incorrect on your credit record, inform, in writing, the organisation who has included faulty data about you, and send a copy to the credit record agency as well.
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