Guaranteed Secured Loans UK
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When you attempt to get any kind of credit, whether it's a bank credit card or store card, a loan or a mortgage, for example, you will have to go through a credit check by the creditor that you are approaching for credit.
A credit check is a way for a lender to see your financial history, past and present, which includes whether you service your debts on time, make late payments, or have neglected payments. A credit check also includes additional unresolved debts and any records of County Court Judgements (CCJ's) and additional defaults.
This then offers the creditor a picture of how much risk you will be should they decide to offer you a loan - and what chances they have of getting their money back! Naturally, no company wishes to lend money to someone who won't pay it back on time or defaults on it entirely! This checking practice is called credit scoring.
There are several bodies who compile this financial information - the major ones are Experian and Equifax.
In the event you are considering taking out any kind of credit, get a copy of your credit file first. This will enable you to see if all of your information in it is correct and question anything that is questionable. For example, even just one bit of distorted information - maybe your file shows an existing debt that was covered - could significantly impact you being granted some kind of credit - or not.
To get hold of your credit record you will need to go through one of the credit record agencies. You will have to pay a small amount (about £2) and you will be sent a copy for you to assess.
Verify that your file includes you on the electoral roll - if not, this will have a detrimental influence on your credit score. Also, financial 'associations' - where possibly someone else who lives with you or who lived at your address before has a weak credit rating - will have an impact on your likelihood of getting any credit.
If you uncover any detail that is incorrect on your file, inform, in writing, the company who has listed inaccurate details regarding you, and forward a copy to the credit reference agency as well.
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