Disadvantages Of Simple Interest Loan
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When you make a request for any credit, whether it is a credit card or store card, a mortgage or a loan, for instance, you will be subjected to a credit check by the creditor that you are asking for credit.
A credit check is a means for a financial organisation to look at your past and current financial history, which includes whether you take care of your debts on time, are late with payments, or have failed to make payments. A credit check also presents other outstanding amounts and any records of County Court Judgements (CCJ's) and additional defaults.
Consequently this offers the lender a report of what degree of financial risk you will be should they choose to lend to you - and what chances they have of getting their money back! Of course, there is no one who is keen to offer money to someone who pays it back late or doesn't pay at all! This checking practice is called credit rating.
There are a few organisations who have this data about you - the two principle ones are Experian and Equifax.
If you are in the process of making a decision about taking out credit, ask for a copy of the credit report first. This will enable you to confirm that all the information within it is right and challenge anything that is not right. As an example, even only a little bit of distorted information - say your credit report shows an unpaid debt that was paid - might be the determining factor for being offered credit - or not.
In order to obtain a copy of your credit file you can go through a credit reference agency. You will be charged a small amount (about £2) and they will send you a copy for you to assess.
Make sure that your credit file shows you on the electoral roll - if you are not there, this will have an adverse impact on your credit rating. Also, financial 'associations' - where maybe another person who lives with you or has lived at your address previously has a weak credit score - will have an influence on your ability to get any credit.
If you come across any detail that is wrong on your record, make contact, in writing, with the organisation who has listed inaccurate data regarding you, and forward a copy to the credit record agency too.
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