Bad Credit Loan Instant Answer
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When you fill out an application for any credit, whether it is a credit or store card, a loan or a mortgage, for example, you will be subjected to a credit check by the company that you are asking for credit.
A credit check is a method that allows a loan company to evaluate your past and current financial history, which includes whether you settle your financial obligations on time, are late with payments, or have missed payments. A credit check also shows any unsettled debts and any records of County Court Judgements (CCJ's) and other defaults.
Consequently this offers the creditor a picture of what type of risk you present if they choose to give you a loan - and what the chances are of getting their money back! Of course, no lender is keen to lend to someone who pays it back late or doesn't pay at all! This checking system is termed credit scoring.
There is a number of agencies who keep this data about you - the major ones are Equifax and Experian.
When you are thinking about taking out a loan, get hold of a copy of your credit file beforehand. This will give you an opportunity to examine if all the data on it is correct and question anything that looks out of place. For instance, even only a little bit of distorted information - say your credit file records an unresolved debt that has been settled - could be the key factor in getting approved for a loan or mortgage - or not.
To get a copy of your record you must get in touch with a credit reference agency. They will charge you a small fee (approximately £2) and you will be sent a copy for you to look at.
Confirm that your record includes you on the electoral roll - if not, this will have a detrimental consequence for your credit rating. Also, financial 'associations' - where possibly someone else who lives with you or who lived at your address before has a weak credit score - will affect your chances of getting credit.
If you notice information that is false on your file, inform, in writing, the company who has put down inaccurate data regarding you, and send out a copy to the credit record agency too.
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