Are There Any Five Per Cent Secured Loans
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When you fill out an application for any sort of credit, whether it is a credit card or store card, a loan or a mortgage, for example, you will undergo a credit check by the creditor that you are approaching for credit.
A credit check is a means for a lender to examine your financial history, past and present, including whether you service your debts on time, are late with payments, or have not made payments. A credit check also indicates additional outstanding amounts and also any County Court Judgements (CCJ's) and additional failures.
This offers the loan provider a profile of what sort of financial risk you present if they choose to lend to you - and what chances they have of getting the loan money back! Naturally, nobody is keen to offer a loan to someone who doesn't make payments on time or defaults on it entirely! This checking process is termed credit rating.
There is a number of organisations who keep this information about you - the two principle ones are Equifax and Experian.
If you are in the process of making a decision about taking out a loan, ask for a copy of the credit report before anything else. This is so that you can check that all the information showing on it is accurate and question anything that is not right. For instance, even only a little bit of incorrect information - maybe your file indicates an unresolved debt that has been dealt with - could mean the difference between being approved for some kind of credit - or not.
For a copy of your credit file you will need to contact a credit record agency. You will be required to pay a small fee (about £2) and you will be sent a copy for your perusal.
Confirm that your credit file shows you on the electoral roll - if you are not there, this will have a harmful consequence for your credit rating. Also, financial 'associations' - where maybe someone who is living with you or lived at your address at one time has an inadequate credit rating - will have an impact on your likelihood of getting any credit.
If you uncover anything that is false on your credit file, get in touch, in writing, with the company who has put down incorrect details concerning you, and forward a copy to the credit record agency as well.
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