Bad Credit Secured Personal Loan
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When you make a request for credit, whether it's a store card or credit card, a loan or a mortgage, for instance, you will have to go through a credit check by the lender that you are approaching for credit.
A credit check is a means for a loan company to see your previous and present financial history, which includes whether you meet your financial obligations on time, make overdue payments, or have failed to make payments. A credit check also shows any outstanding amounts and any County Court Judgements (CCJ's) and other lapses.
Consequently this gives the creditor a profile of what level of financial risk you will be should they decide to give you a loan - and the probability of getting their money back! After all, no company desires to offer money to someone who doesn't make payments on time or doesn't pay at all! This checking process is known as credit scoring.
There are several bodies who compile this information about you - the most widely known are Experian and Equifax.
In the event you are thinking about taking out any kind of credit, get a copy of the credit report first. This will allow you to check that all of your information included in it is accurate and point out anything that looks out of place. For instance, even just one bit of distorted information - say your report notes an existing debt that has been dealt with - could sway the decision for getting accepted for credit - or not.
In order to obtain a copy of your credit file you must approach a credit record agency. You will have to pay a small fee (around £2) and a copy will be sent to you for you to assess.
Verify that your record records you on the electoral roll - if this is not the case, this will have an adverse influence on your credit score. Also, financial 'associations' - where maybe a person who lives with you or who lived at your address before has a weak credit score - will influence your capacity to get credit.
If you spot anything that is false on your file, report it, in writing, to the organisation who has included wrong details concerning you, and deliver a copy to the credit record agency too.
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