Disadvantages Of Interest Only Loans
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When you apply for any credit, whether it is a credit card or store card, a loan or a mortgage, for instance, you will be subjected to a credit check by the loan provider that you are applying to for credit.
A credit check allows a lender to evaluate your financial history, past and present, which includes whether you service your debts on time, make overdue payments, or have missed payments. A credit check also indicates any unsettled debts and also any County Court Judgements (CCJ's) and additional failures.
This offers the loan provider details of how much financial risk you present should they decide to give you credit - and what the chances are of getting their money back! After all, there is no one who is willing to give money to someone who doesn't make payments on time or doesn't pay at all! This checking practice is called credit scoring.
There are some agencies who store this data about you - the two main ones are Equifax and Experian.
Should you be making a decision about taking out credit, ask for a copy of your credit file first. This is for you to see if all of your information included in it is accurate and point out anything that is inaccurate. As an example, just a small piece of distorted information - maybe your file records an unpaid debt that has been dealt with - could mean the difference between getting accepted for credit - or not.
In order to get a copy of your file you will need to get in touch with one of the credit reference agencies. It will cost you a small fee (about £2) and you will be sent a copy for your perusal.
Confirm that your file has you on the electoral roll - if this is not so, this will have a detrimental impact on your credit score. Also, financial 'associations' - where possibly a person who lives with you or previously lived at your address has an inadequate credit score - will affect the probability of getting any credit.
If you see any detail that is not correct on your file, get in touch, in writing, with the company who has listed faulty details about you, and deliver a copy to the credit reference agency too.
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