Interest Only Loan Bad Credit
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When you attempt to get credit, whether it is a credit or store card, a mortgage or a loan, for example, you will undergo a credit check by the loan company from whom you are requesting credit.
A credit check is a tool for a potential creditor to look at your financial history, past and present, which includes whether you pay off your debts on time, are late with payments, or have neglected payments. A credit check also includes additional outstanding amounts and any history of County Court Judgements (CCJ's) and other lapses.
This then gives the loan provider an idea of what sort of financial risk you will be if they choose to give you a loan - and the probability of getting the loan money back! Of course, there is no one who wishes to give money to someone who doesn't make payments on time or defaults on it entirely! This checking practice is known as credit scoring.
There are a few organisations who hold this financial information - the most widely known are Equifax and Experian.
If you are thinking about taking out any kind of credit, request a copy of your credit file first. This will give you an opportunity to determine if all the information within it is correct and query anything that looks out of place. As an example, even just one bit of wrong information - say your report notes an existing debt that has been settled - could be the difference between being granted some kind of credit - or not.
In order to obtain a copy of your credit record you must go through a credit reference agency. You will be charged a small amount (approximately £2) and you will be sent a copy for your perusal.
Verify that your credit file has you on the electoral roll - if you are not on it, this will have a damaging effect on your credit rating. Also, financial 'associations' - where maybe someone else who lives with you or who lived at your address before has a low credit rating - will have an impact on your chances of getting any credit.
If you come across any detail that is false on your file, contact, in writing, the organisation who has included faulty information regarding you, and deliver a copy to the credit record agency as well.
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