Debt Consolidation Loans Bad Credit
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When you apply for 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 lender through whom you are seeking credit.
A credit check helps a lender to investigate your financial history, past and present, which includes whether you service your debts on time, make overdue payments, or have not made payments. A credit check also indicates any unresolved debts and any County Court Judgements (CCJ's) and additional defaults.
This therefore gives the creditor a report of what sort of financial risk you will be if they choose to lend you money - and the probability of getting the money back! Of course, no one is keen to lend money to someone who doesn't make payments on time or defaults on it entirely! This checking process is known as credit scoring.
There is a number of agencies who store this financial information - the most widely known are Experian and Equifax.
If you are thinking about taking out a loan, get a copy of the credit report before anything else. This will allow you to determine if all of your information included in it is correct and query anything that is not right. As an example, just a single item of wrong information - say your credit report records an unpaid debt that has been dealt with - could be the difference between getting accepted for some kind of credit - or not.
In order to get a copy of your file you must contact a credit record agency. They will charge you a small amount (about £2) and you will be sent a copy for you to assess.
Verify that your credit file records you on the electoral roll - if this is not the case, this will have a damaging influence on your credit rating. Also, financial 'associations' - where maybe someone who is living with you or has lived at your address previously has a poor credit score - will affect the probability of getting any credit.
If you see anything that is wrong on your credit file, make contact, in writing, with the company who has put down inaccurate information concerning you, and deliver a copy to the credit record agency too.
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