Do Nationwide Do Loans For Unemployed With Bad Credit
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When you apply for a loan or credit of any sort, whether it's a bank credit card or store card, a loan or a mortgage, for example, you will be subjected to a credit check by the loan provider that you are applying to for credit.
A credit check is a tool for a loan company to see your financial history, past and present, which includes whether you pay off your debts on time, are late in making payments, or have failed to make payments. A credit check also shows additional unpaid debts and any County Court Judgements (CCJ's) and other defaults.
This then gives the loan company a report of what type of risk you present should they choose to give you a loan - and what chances they have of getting the money they've lent you back! Naturally, no one is willing to lend to someone who won't pay it back on time or defaults on it entirely! This checking procedure is termed credit rating.
There are several organisations who keep this information about you - the best known are Equifax and Experian.
Should you be thinking about taking out credit, obtain a copy of the credit report first of all. This will give you an opportunity to see if all the information within it is accurate and question anything that is not right. For example, even only a little bit of wrong information - maybe your file shows an outstanding debt that has been settled - could significantly impact you being granted a loan or mortgage - or not.
For a copy of your credit file you must get in touch with a credit reference agency. You will be required to pay a small fee (about £2) and a copy will be sent to you for you to assess.
Ensure that your credit file records you on the electoral roll - if this is not so, this will have an adverse consequence for your credit rating. Also, financial 'associations' - where maybe a person who lives with you or lived at your address at one time has a low credit rating - will have an impact on your ability to get any credit.
If you see anything that is not correct on your file, report it, in writing, to the company who has given wrong data concerning you, and send out a copy to the credit reference agency too.
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