I Have Bad Credit And I Need A Loan
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When you fill out an application for credit, whether it's a store card or credit card, a loan or a mortgage, for instance, you will be subjected to a credit check by the creditor through whom you are seeking credit.
A credit check helps a loan provider to look at your financial history, past and present, which includes whether you meet your financial obligations on time, are late in making payments, or have failed to make payments. A credit check also presents any unsettled debts and any history of County Court Judgements (CCJ's) and additional failures.
This gives the creditor details of what sort of financial risk you present should they choose to give you a loan - and what the chances are of getting the money they've lent you back! Of course, no lender wants to lend money to someone who doesn't make payments on time or not at all! This checking system is called credit scoring.
There are a few agencies who compile this information about you - the major ones are Equifax and Experian.
In the event you are considering borrowing money, ask for a copy of your credit file before anything else. This is for you to determine if all the information on it is correct and query anything that is not right. For example, just a little bit of distorted information - say your report notes an unsettled debt that was covered - could be the key factor in being approved for a loan or mortgage - or not.
For a copy of your file you must make contact with a credit record agency. You will have to pay a small amount (somewhere around £2) and a copy will be sent to you for you to look at.
Ensure that your credit record shows you on the electoral roll - if this is not so, this will have an adverse effect on your score. Also, financial 'associations' - where perhaps someone who is living with you or lived at your address at one time has an inadequate credit rating - will affect your capacity to get any credit.
If you notice anything that is incorrect on your record, report it, in writing, to the company who has put down wrong details about you, and send a copy to the credit record agency too.
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