Bad Credit Loans Secured Against Car
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When you fill out an application for any sort of credit, whether it's a store card or credit card, a mortgage or a loan, for example, you will undergo a credit check by the lender from whom you are requesting credit.
A credit check helps a loan provider to investigate your previous and present financial history, including whether you service your debts on time, are late with payments, or have missed payments. A credit check also presents any outstanding amounts and any records of County Court Judgements (CCJ's) and additional defaults.
This therefore gives the lender details of what kind of financial risk you present should they choose to give you credit - and the probability of getting the loan paid back! In the end, no company is keen to give money to someone who pays it back late or not at all! This checking process is termed credit scoring.
There are a few bodies who compile this information about you - the two principle ones are Equifax and Experian.
Should you be considering taking out credit, get a copy of your credit file before anything else. This is for you to check that all the information showing on it is accurate and point out anything that looks wrong. For instance, even only a little bit of incorrect information - say your report notes an unresolved debt that has been dealt with - could mean the difference between being granted a loan or mortgage - or not.
In order to obtain a copy of your record you have to make contact with a credit reference agency. It will cost you a small fee (around £2) and you will be sent a copy for your perusal.
Confirm that your file includes you on the electoral roll - if this is not so, this will have a detrimental effect on your credit rating. Also, financial 'associations' - where possibly someone else who is living with you or previously lived at your address has a poor credit score - will have an impact on your capacity to get credit.
If you find anything that is wrong on your file, inform, in writing, the organisation who has presented inaccurate data about you, and forward a copy to the credit reference agency too.
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