Homeowners Secured Loans
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When you fill out an application for credit, whether it's a bank credit card or store card, a loan or a mortgage, for instance, you will have to go through a credit check by the lender from whom you are requesting credit.
A credit check is a tool for a loan company to see your financial history, past and present, issues such as whether you meet your financial obligations on time, make late payments, or have failed to make payments. A credit check also shows any outstanding debts and any history of County Court Judgements (CCJ's) and additional failures.
Consequently this gives the creditor an idea of what kind of risk you will be should they decide to lend you money - and what the chances are of getting their money back! After all, there is no one who desires to offer a loan to someone who won't pay it back on time or defaults on it entirely! This checking process is termed credit rating.
There is a number of organisations who store this information concerning you - the two principle ones are Equifax and Experian.
When you are considering applying for credit, ask for a copy of the credit report beforehand. This will give you an opportunity to check that all the information within it is right and point out anything that is questionable. For example, just a single item of wrong information - maybe your file mentions an unresolved debt that has been dealt with - could be the difference between getting accepted for some kind of credit - or not.
To obtain a copy of your file you will need to go through a credit reference agency. You will have to pay a small amount (about £2) and they will send you a copy for you to look through.
Check that your credit record records you on the electoral roll - if you are not on it, this will have a negative influence on your credit rating. Also, financial 'associations' - where perhaps someone else who lives with you or lived at your address at one time has an inadequate credit rating - will affect your likelihood of getting any credit.
If you come across data that is wrong on your credit file, report it, in writing, to the company who has included incorrect information concerning you, and send a copy to the credit reference agency too.
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