Consolidation Loan For Bad Creditor
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When you make an application for a loan or credit of any sort, whether it is a credit or store card, a loan or a mortgage, for example, it will be necessary for you to undergo a credit check by the creditor from whom you are requesting credit.
A credit check allows a lender to investigate your previous and present financial history, issues such as whether you take care of your debts on time, make late payments, or have failed to make payments. A credit check also indicates other unsettled debts and any records of County Court Judgements (CCJ's) and additional defaults.
This gives the lender a report of how much risk you present if they choose to give you a loan - and what chances they have of getting the loan money back! In the end, nobody is keen to offer a loan to someone who doesn't make payments on time or doesn't pay at all! This checking practice is known as credit rating.
There is a number of agencies who compile this information about you - the major ones are Equifax and Experian.
If you are in the process of thinking about borrowing money, get hold of a copy of the credit report first of all. This is so that you can determine if all the information showing on it is correct and point out anything that is questionable. For example, just a small piece of erroneous information - say your report mentions an outstanding debt that has been dealt with - might be the determining factor for getting approved for a mortgage or loan - or not.
To get a copy of your file you must contact one of the credit record agencies. You will have to pay a small amount (somewhere around £2) and you will be sent a copy for your perusal.
Ensure that your credit record includes you on the electoral roll - if this is not the case, this will have a detrimental consequence for your credit rating. Also, financial 'associations' - where perhaps someone else who is living with you or has lived at your address previously has a poor credit score - will have an impact on the probability of getting any credit.
If you see information that is not correct on your file, get in touch, in writing, with the company who has given faulty data regarding you, and send a copy to the credit reference agency too.
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