Guaranteed Loan For People On Benefits
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When you apply for any sort of credit, whether it's a store card or credit card, a loan or a mortgage, for instance, you will undergo a credit check by the lender that you are approaching for credit.
A credit check allows a financial organisation to view your previous and present financial history, which includes whether you settle your debts on time, are late with payments, or have not made payments. A credit check also includes any unsettled debts and any County Court Judgements (CCJ's) and additional failures.
This then offers the loan provider a picture of what kind of financial risk you present should they choose to give you a loan - and what chances they have of getting the loan money back! Of course, nobody wishes to give money to someone who doesn't make payments on time or not at all! This checking practice is termed credit rating.
There are a few organisations who have this data about you - the major ones are Experian and Equifax.
If you are in the process of making a decision about taking out credit, request a copy of the credit report first. This means that you can see if all the information included in it is right and question anything that looks out of place. For instance, even just one bit of erroneous information - maybe your file mentions an unresolved debt that was covered - could be the key factor in getting approved for some kind of credit - or not.
For a copy of your credit record you can approach a credit reference agency. You will be charged a small amount (about £2) and you will be sent a copy for you to assess.
Verify that your credit file includes you on the electoral roll - if you are not on it, this will have a damaging impact on your credit score. Also, financial 'associations' - where perhaps someone who is living with you or has lived at your address previously has an unacceptable credit score - will influence your chances of getting credit.
If you find data that is not correct on your record, contact, in writing, the organisation who has included wrong information about you, and deliver a copy to the credit reference agency too.
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