Bad Credit Loan In 24 Hours UK
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When you make an application for any credit, whether it's a bank credit card or store card, a loan or a mortgage, for instance, you will be subjected to a credit check by the company that you are approaching for credit.
A credit check is a tool for a loan company to evaluate your past and current financial history, which includes whether you take care of your debts on time, make late payments, or have missed payments. A credit check also presents other unresolved debts and any history of County Court Judgements (CCJ's) and additional defaults.
This offers the loan company a profile of what kind of risk you present if they choose to give you credit - and what chances they have of getting their money back! Of course, no company wants to offer money to someone who pays it back late or not at all! This checking practice is called credit scoring.
There is a number of bodies who keep this financial information - the most widely known are Equifax and Experian.
If you are thinking about borrowing money, ask for a copy of your credit file first of all. This means that you can examine if all of your information in it is accurate and point out anything that looks wrong. For instance, only a tiny bit of erroneous information - say your report shows an existing debt that has been settled - could significantly impact you being granted a loan or mortgage - or not.
For a copy of your file you must approach a credit record agency. You will have to pay a small amount (around £2) and they will send you a copy for you to look at.
Confirm that your credit file records you on the electoral roll - if you are not there, this will have a negative effect on your credit score. Also, financial 'associations' - where perhaps someone else who is living with you or lived at your address at one time has an unacceptable credit score - will have an impact on your ability to get any credit.
If you spot information that is false on your credit record, make contact, in writing, with the company who has given incorrect details regarding you, and deliver a copy to the credit reference agency too.
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