Guaranteed Really Bad Credit Loans
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When you make an application for any 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 loan company that you are approaching for credit.
A credit check allows a financial organisation to look at your past and present financial history, including whether you pay off your debts on time, make overdue payments, or have neglected payments. A credit check also shows additional unresolved debts and also any County Court Judgements (CCJ's) and other lapses.
This then gives the creditor details of how much financial risk you present if they determine to lend to you - and what the likelihood is of getting the money back! Naturally, no company is keen to offer money to someone who won't pay it back on time or defaults on it entirely! This checking process is called credit scoring.
There are a few bodies who store this data concerning you - the two principle ones are Experian and Equifax.
If you are making a decision about taking out any kind of credit, ask for a copy of your credit file first. This will give you an opportunity to see if all the data within it is right and query anything that looks out of place. As an example, just a little bit of incorrect information - say your file notes an outstanding debt that has been dealt with - could significantly impact you being offered credit - or not.
In order to get a copy of your file you will need to get in touch with a credit reference agency. You will have to pay a small amount (somewhere around £2) and they will send you a copy for you to look at.
Verify that your record shows you on the electoral roll - if you are not on it, this will have a detrimental influence on your credit score. Also, financial 'associations' - where perhaps someone who is living with you or has lived at your address previously has an unacceptable credit rating - will have an impact on the probability of getting any credit.
If you notice any detail that is not correct on your credit file, get in touch, in writing, with the company who has presented incorrect data concerning you, and deliver a copy to the credit record agency too.
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