I Need A Loan But Got Bad Credit History
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When you make an application for credit, whether it is a credit card or store card, a loan or a mortgage, for example, you will undergo a credit check by the company that you are asking for credit.
A credit check is a tool for a potential creditor to evaluate your financial history, past and present, issues such as whether you take care of your debts on time, make late payments, or have failed to make payments. A credit check also shows any outstanding amounts and any County Court Judgements (CCJ's) and additional defaults.
This offers the company details of what type of risk you present if they choose to lend to you - and what chances they have of getting the loan money back! Naturally, no lender desires to lend money to someone who pays it back late or defaults on it entirely! This checking process is known as credit rating.
There is a number of bodies who hold this information about you - the best known are Equifax and Experian.
If you are in the process of making a decision about taking out any kind of credit, get a copy of your credit file first. This will allow you to confirm that all of your information on it is right and question anything that is questionable. For instance, even only a little bit of erroneous information - say your file notes an unsettled debt that has been settled - could be the difference between getting accepted for a mortgage or loan - or not.
For a copy of your credit file you must contact one of the credit record agencies. You will be required to pay a small fee (approximately £2) and you will be sent a copy for you to look at.
Check that your credit file has you on the electoral roll - if not, this will have an adverse impact on your score. Also, financial 'associations' - where perhaps another person who is living with you or previously lived at your address has a weak credit score - will have an influence on the probability of getting credit.
If you find data that is incorrect on your file, contact, in writing, the company who has put down incorrect details concerning you, and send out a copy to the credit record agency as well.
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