Immediate Bad Credit Loan With Guarentor
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When you make a request for credit, whether it is a credit or store card, a mortgage or a loan, for instance, it will be necessary for you to undergo a credit check by the company through whom you are seeking credit.
A credit check is a tool for a financial organisation to investigate your past and current financial history, issues such as whether you pay off your debts on time, are late in making payments, or have not made payments. A credit check also indicates any unsettled debts and also any County Court Judgements (CCJ's) and other lapses.
This then gives the loan company an idea of what degree of financial risk you will be if they determine to lend to you - and what chances they have of getting their money back! Naturally, nobody wants to lend to someone who won't pay it back on time or not at all! This checking process is called credit scoring.
There is a number of bodies who compile this information about you - the two main ones are Experian and Equifax.
Should you be making a decision about taking out any kind of credit, get a copy of the credit report first of all. This will allow you to see if all the information in it is correct and point out anything that is inaccurate. For instance, just a small piece of incorrect information - maybe your file mentions an unsettled debt that was paid - could mean the difference between being granted a mortgage or loan - or not.
To obtain a copy of your record you will need to approach a credit reference agency. You will be charged a small fee (about £2) and a copy will be sent to you for your perusal.
Check that your credit record has you on the electoral roll - if this is not the case, this will have an adverse effect on your credit rating. Also, financial 'associations' - where maybe someone else who lives with you or who lived at your address before has an inadequate credit score - will influence your likelihood of getting any credit.
If you come across anything that is not correct on your credit record, make contact, in writing, with the organisation who has listed wrong data about you, and forward a copy to the credit record agency too.
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