High Interest Bad Credit Loan
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When you make a request for a loan or credit of any sort, whether it is a credit or store card, a loan or a mortgage, for instance, you will be subjected to a credit check by the loan company that you are asking for credit.
A credit check is a way for a loan provider to investigate your past and current financial history, issues such as whether you service your debts on time, make overdue payments, or have neglected payments. A credit check also reveals additional unresolved debts and any history of County Court Judgements (CCJ's) and additional failures.
This then offers the company details of what degree of financial risk you present if they determine to give you credit - and what chances they have of getting the money they've lent you back! Of course, no company wishes to lend to someone who doesn't make payments on time or not at all! This checking process is referred to as credit rating.
There is a number of agencies who keep this data concerning you - the most widely known are Equifax and Experian.
If you are in the process of thinking about borrowing money, request a copy of your credit file first. This will enable you to see if all the information within it is right and question anything that looks out of place. As an example, just a small piece of mistaken information - say your credit file mentions an outstanding debt that has been dealt with - could significantly impact you getting accepted for a loan or mortgage - or not.
To obtain a copy of your file you must make contact with one of the credit record agencies. You will have to pay a small amount (around £2) and they will send you a copy for you to assess.
Verify that your record includes you on the electoral roll - if not, this will have a harmful impact on your score. Also, financial 'associations' - where possibly someone who lives with you or previously lived at your address has a poor credit rating - will have an impact on the probability of getting credit.
If you find information that is not correct on your file, report it, in writing, to the organisation who has presented wrong data about you, and send a copy to the credit reference agency as well.
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