Debt Consolidation Loan For Low Credit Rating
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When you make an application for credit, whether it is a credit card or store card, a mortgage or a loan, for example, you will undergo a credit check by the creditor from whom you are requesting credit.
A credit check is a tool for a financial organisation to view your past and current financial history, which includes whether you settle your debts on time, make overdue payments, or have missed payments. A credit check also reveals additional unsettled debts and also any County Court Judgements (CCJ's) and other defaults.
This then gives the loan company an idea of what type of financial risk you will be should they decide to give you credit - and what chances they have of getting the money back! In the end, there is no one who is keen to lend money to someone who pays it back late or doesn't pay at all! This checking system is referred to as credit scoring.
There are a few organisations who compile this data concerning you - the two principle ones are Experian and Equifax.
Should you be making a decision about taking out a loan, ask for a copy of the credit report first of all. This will give you an opportunity to see if all of your information showing on it is accurate and point out anything that is inaccurate. For instance, just a small piece of incorrect information - say your credit report records an unpaid debt that was covered - could significantly impact you being offered a loan or mortgage - or not.
In order to obtain a copy of your credit record you have to approach one of the credit reference agencies. They will charge you a small fee (somewhere around £2) and a copy will be sent to you for you to look through.
Make sure that your credit record has you on the electoral roll - if you are not there, this will have a damaging consequence for your credit score. Also, financial 'associations' - where possibly a person who lives with you or who lived at your address before has an unacceptable credit rating - will have an impact on your likelihood of getting any credit.
If you notice data that is wrong on your file, get in touch, in writing, with the company who has given inaccurate data concerning you, and forward a copy to the credit reference agency as well.
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