Is A Valuation Needed For Secured Loan
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When you make a request for any kind of credit, whether it is a credit or store card, a mortgage or a loan, for example, you will be subjected to a credit check by the loan provider from whom you are requesting credit.
A credit check allows a lender to evaluate your past and current financial history, issues such as whether you service your debts on time, make late payments, or have missed payments. A credit check also indicates additional unsettled debts and any history of County Court Judgements (CCJ's) and additional failures.
This gives the creditor a picture of what sort of financial risk you will be if they choose to give you credit - and what the likelihood is of getting the loan money back! Naturally, no one is keen to lend money to someone who pays it back late or defaults on it entirely! This checking process is called credit rating.
There are some agencies who store this information concerning you - the two principle ones are Equifax and Experian.
When you are making a decision about taking out a loan, ask for a copy of your credit file first. This will give you an opportunity to check that all the information within it is accurate and question anything that looks wrong. For instance, just a single item of incorrect information - say your credit file shows an unsettled debt that has been settled - might be the determining factor for getting approved for credit - or not.
To get a copy of your record you can get in touch with one of the credit reference agencies. You will be charged a small fee (about £2) and they will send you a copy for you to look at.
Ensure that your credit record records you on the electoral roll - if this is not so, this will have a damaging effect on your credit rating. Also, financial 'associations' - where maybe someone who lives with you or previously lived at your address has a low credit rating - will have an impact on the probability of getting any credit.
If you uncover any detail that is false on your record, inform, in writing, the organisation who has presented incorrect data concerning you, and send out a copy to the credit reference agency too.
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