Bad Credit Fast Loans Guaranteed
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When you fill out an application for credit, whether it's a bank credit card or store card, a mortgage or a loan, for instance, it will be necessary for you to undergo a credit check by the lender that you are asking for credit.
A credit check allows a potential creditor to view your past and current financial history, which includes whether you take care of your debts on time, make late payments, or have neglected payments. A credit check also shows additional unsettled debts and any records of County Court Judgements (CCJ's) and additional failures.
This gives the loan provider a picture of what kind of risk you present if they determine to offer you a loan - and what chances they have of getting their money back! In the end, no one desires to give money to someone who pays it back late or not at all! This checking process is termed credit scoring.
There are several bodies who keep this information about you - the two principle ones are Equifax and Experian.
If you are making a decision about taking out a loan, ask for a copy of your credit file beforehand. This will allow you to see if all the information on it is accurate and challenge anything that is questionable. For example, just a little bit of erroneous information - maybe your report indicates an unresolved debt that has been settled - could sway the decision for being approved for credit - or not.
In order to get a copy of your credit file you can contact a credit record agency. You will be required to pay a small fee (somewhere around £2) and they will send you a copy for your perusal.
Make sure that your file has you on the electoral roll - if this is not the case, this will have a negative effect on your credit score. Also, financial 'associations' - where possibly someone who lives with you or lived at your address at one time has an inadequate credit score - will influence your ability to get credit.
If you find information that is incorrect on your credit file, get in touch, in writing, with the company who has included incorrect data concerning you, and forward a copy to the credit reference agency too.
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