Graduate Loans Non Home Owner And Poor Credit
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When you attempt to get any credit, whether it is a credit or store card, a loan or a mortgage, for instance, you will undergo a credit check by the creditor that you are approaching for credit.
A credit check helps a potential creditor to evaluate your previous and present financial history, which includes whether you pay off your debts on time, are late in making payments, or have missed payments. A credit check also presents any outstanding debts and any records of County Court Judgements (CCJ's) and other defaults.
This therefore gives the loan company a report of what kind of risk you will be if they determine to give you a loan - and the probability of getting the money they've lent you back! Naturally, no company is keen to lend money to someone who won't pay it back on time or doesn't pay at all! This checking procedure is termed credit scoring.
There are several bodies who hold this information about you - the two principle ones are Experian and Equifax.
Should you be making a decision about applying for credit, ask for a copy of the credit report first. This is so that you can examine if all the data in it is accurate and query anything that looks out of place. As an example, even only a little bit of distorted information - maybe your report records an unsettled debt that has been dealt with - could sway the decision for getting accepted for credit - or not.
For a copy of your record you can approach one of the credit record agencies. It will cost you a small fee (around £2) and they will send you a copy for your perusal.
Check that your file records you on the electoral roll - if not, this will have a negative consequence for your credit score. Also, financial 'associations' - where possibly someone who lives with you or who lived at your address before has a weak credit rating - will have an impact on the probability of getting any credit.
If you uncover anything that is incorrect on your credit file, contact, in writing, the company who has given incorrect information about you, and deliver a copy to the credit reference agency too.
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