Help Need A Secured Loan
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When you apply for any credit, whether it's a bank credit card or store card, a loan or a mortgage, for example, it will be necessary for you to undergo a credit check by the loan provider through whom you are seeking credit.
A credit check is a tool for a financial organisation to investigate your past and present financial history, which includes whether you pay off your debts on time, make overdue payments, or have failed to make payments. A credit check also indicates other unresolved debts and any history of County Court Judgements (CCJ's) and other defaults.
This offers the creditor a picture of what sort of risk you present should they choose to lend you money - and what chances they have of getting the money they've lent you back! After all, there is no one who wants to offer a loan to someone who won't pay it back on time or not at all! This checking system is termed credit rating.
There are several bodies who keep this data concerning you - the best known are Experian and Equifax.
In the event you are making a decision about applying for credit, obtain a copy of the credit report first. This will enable you to examine if all the data included in it is correct and challenge anything that is inaccurate. For instance, even only a little bit of distorted information - maybe your report indicates an unpaid debt that has been dealt with - could be the key factor in being offered a loan or mortgage - or not.
To get hold of your credit file you will need to go through one of the credit record agencies. You will have to pay a small fee (somewhere around £2) and a copy will be sent to you for you to assess.
Make sure that your credit file includes you on the electoral roll - if you are not on it, this will have a damaging influence on your credit score. Also, financial 'associations' - where perhaps someone else who lives with you or lived at your address at one time has a poor credit score - will have an influence on your ability to get any credit.
If you spot data that is false on your credit file, report it, in writing, to the company who has listed wrong details regarding you, and send out a copy to the credit record agency as well.
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