I Need A Secured Loan
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When you fill out an application for any credit, whether it's a store card or credit card, a mortgage or a loan, for example, you will be subjected to a credit check by the loan company through whom you are seeking credit.
A credit check is a tool for a loan provider to view your past and present financial history, issues such as whether you service your debts on time, are late in making payments, or have failed to make payments. A credit check also indicates other outstanding amounts and any history of County Court Judgements (CCJ's) and other defaults.
This therefore offers the creditor a profile of how much risk you present if they choose to give you a loan - and the probability of getting their money back! In the end, nobody desires to offer a loan to someone who won't pay it back on time or doesn't pay at all! This checking procedure is called credit scoring.
There are several organisations who have this data about you - the major ones are Equifax and Experian.
In the event you are considering taking out any kind of credit, get hold of a copy of your credit file first of all. This will give you an opportunity to check that all of your information in it is accurate and question anything that looks wrong. For instance, just a single item of wrong information - say your credit file mentions an outstanding debt that has been paid - could be the key factor in getting accepted for some kind of credit - or not.
To obtain a copy of your credit record you have to make contact with a credit reference agency. It will cost you a small amount (about £2) and a copy will be sent to you for you to look at.
Make sure that your file includes you on the electoral roll - if you are not there, this will have an adverse effect on your credit score. Also, financial 'associations' - where possibly someone else who is living with you or previously lived at your address has a low credit score - will have an impact on your chances of getting credit.
If you notice data that is incorrect on your file, report it, in writing, to the company who has listed inaccurate details concerning you, and send out a copy to the credit reference agency too.
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