Consolodation Loan Companies For Poor Credit People
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When you apply for credit, whether it is a credit card or store card, a mortgage or a loan, for example, you will be subjected to a credit check by the loan company that you are applying to for credit.
A credit check is a way for a potential creditor to look at your past and current financial history, including whether you settle your financial obligations on time, are late in making payments, or have failed to make payments. A credit check also presents other unsettled debts and also any County Court Judgements (CCJ's) and other defaults.
Consequently this gives the company an idea of what kind of financial risk you present if they choose to give you credit - and what the chances are of getting their money back! After all, no one wants to lend to someone who doesn't make payments on time or not at all! This checking system is known as credit rating.
There are some bodies who store this financial information - the two principle ones are Equifax and Experian.
If you are in the process of making a decision about taking out any kind of credit, request a copy of your credit file beforehand. This is for you to determine if all the information within it is correct and query anything that is questionable. For instance, even only a little bit of incorrect information - say your credit report records an outstanding debt that has been paid - could be the key factor in being approved for a mortgage or loan - or not.
To get a copy of your record you can contact one of the credit record agencies. It will cost you a small amount (somewhere around £2) and a copy will be sent to you for your perusal.
Make sure that your credit record records you on the electoral roll - if you are not there, this will have a detrimental influence on your credit score. Also, financial 'associations' - where maybe someone else who lives with you or lived at your address at one time has an unacceptable credit score - will have an impact on your likelihood of getting credit.
If you find data that is not correct on your record, contact, in writing, the organisation who has listed incorrect information concerning you, and forward a copy to the credit record agency too.
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