Emergency Loan What Happens When I Apply For A Loan
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When you make an application for any credit, whether it is a credit card or store card, a loan or a mortgage, for instance, you will be subjected to a credit check by the company through whom you are seeking credit.
A credit check is a method that allows a loan company to evaluate your past and present financial history, including whether you take care of your debts on time, make late payments, or have not made payments. A credit check also reveals any outstanding amounts and any records of County Court Judgements (CCJ's) and other lapses.
This therefore gives the loan provider a picture of what sort of risk you will be should they decide to offer you a loan - and what chances they have of getting their money back! Naturally, nobody wants to lend money to someone who doesn't make payments on time or defaults on it entirely! This checking process is referred to as credit rating.
There are a few organisations who store this information about you - the major ones are Experian and Equifax.
When you are considering taking out a loan, request a copy of your credit file before anything else. This will give you an opportunity to check that all of your information included in it is correct and challenge anything that looks out of place. For instance, just a little bit of incorrect information - maybe your file shows an unresolved debt that was paid - could sway the decision for getting accepted for some kind of credit - or not.
In order to get a copy of your credit record you can approach a credit reference agency. They will charge you a small amount (somewhere around £2) and they will send you a copy for you to assess.
Verify that your file includes you on the electoral roll - if you are not there, this will have a negative influence on your credit score. Also, financial 'associations' - where maybe someone who is living with you or previously lived at your address has an inadequate credit rating - will have an influence on your capacity to get any credit.
If you uncover data that is incorrect on your file, contact, in writing, the organisation who has put down faulty data about you, and deliver a copy to the credit reference agency too.
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