I Need A Loan But Have Terrible Credit
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When you attempt to get any credit, whether it's a store card or credit card, a loan or a mortgage, for example, it will be necessary for you to undergo a credit check by the creditor from whom you are requesting credit.
A credit check allows a lender to evaluate your past and current financial history, issues such as whether you take care of your debts on time, are late with payments, or have neglected payments. A credit check also reveals any outstanding amounts and also any County Court Judgements (CCJ's) and additional defaults.
This therefore offers the lender a report of how much financial risk you will be should they choose to give you a loan - and what chances they have of getting the loan money back! Of course, nobody is keen to give money to someone who doesn't make payments on time or not at all! This checking practice is termed credit scoring.
There are several organisations who store this financial information - the two main ones are Experian and Equifax.
If you are making a decision about applying for credit, request a copy of the credit report before anything else. This will allow you to determine if all of your information in it is right and query anything that is questionable. For instance, even just one bit of mistaken information - say your report mentions an unsettled debt that was paid - could significantly impact you being granted a mortgage or loan - or not.
To get a copy of your credit record you will need to go through a credit record agency. It will cost you a small amount (somewhere around £2) and they will send you a copy for you to assess.
Verify that your file records you on the electoral roll - if you are not on it, this will have an adverse influence on your credit score. Also, financial 'associations' - where possibly a person who is living with you or previously lived at your address has an inadequate credit score - will affect your capacity to get any credit.
If you spot anything that is wrong on your file, make contact, in writing, with the organisation who has presented wrong data regarding you, and send a copy to the credit record agency too.
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