Are There Any Five Per Cent Secured Loans
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When you make a request for any credit, whether it's a bank credit card or store card, a mortgage or a loan, for instance, you will be subjected to a credit check by the loan provider that you are applying to for credit.
A credit check is a way for a loan company to view your previous and present financial history, issues such as whether you service your debts on time, are late in making payments, or have missed payments. A credit check also includes other outstanding debts and any history of County Court Judgements (CCJ's) and other defaults.
This offers the lender an idea of how much financial risk you present if they determine to lend to you - and what the likelihood is of getting the loan money back! In the end, there is no one who desires to lend to someone who doesn't make payments on time or doesn't pay at all! This checking practice is referred to as credit scoring.
There are several organisations who keep this data concerning you - the most widely known are Equifax and Experian.
If you are considering borrowing money, get a copy of your credit file before anything else. This means that you can confirm that all the information included in it is correct and question anything that is not right. For instance, just a single item of erroneous information - say your file records an existing debt that was covered - could significantly impact you getting accepted for some kind of credit - or not.
To obtain a copy of your file you must approach a credit record agency. It will cost you a small fee (approximately £2) and a copy will be sent to you for you to assess.
Make sure that your file includes you on the electoral roll - if you are not on it, this will have a harmful effect on your score. Also, financial 'associations' - where maybe someone else who lives with you or who lived at your address before has an unacceptable credit rating - will have an impact on your ability to get any credit.
If you see information that is incorrect on your record, make contact, in writing, with the organisation who has given incorrect information concerning you, and send a copy to the credit reference agency as well.
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