Compare Secured Loans No Income
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When you fill out an application for any sort of credit, whether it is a credit card or store card, a mortgage or a loan, for instance, you will be subjected to a credit check by the creditor from whom you are requesting credit.
A credit check helps a lender 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 reveals any unpaid debts and any records of County Court Judgements (CCJ's) and additional failures.
This offers the lender a report of what kind of risk you will be if they determine to offer you a loan - and what the likelihood is of getting the loan money back! Naturally, nobody wishes to lend to someone who won't pay it back on time or not at all! This checking system is known as credit scoring.
There are some bodies who hold this information concerning you - the best known are Experian and Equifax.
When you are considering applying for credit, ask for a copy of your credit file beforehand. This means that you can see if all of your information within it is accurate and query anything that is inaccurate. For example, just a single item of incorrect information - say your file records an unresolved debt that was covered - might be the determining factor for being approved for credit - or not.
In order to obtain a copy of your file you have to approach a credit reference agency. You will be required to pay a small amount (about £2) and a copy will be sent to you for you to look at.
Verify that your credit record has you on the electoral roll - if this is not the case, this will have a negative influence on your credit score. Also, financial 'associations' - where maybe another person who is living with you or has lived at your address previously has an unacceptable credit rating - will have an impact on your chances of getting any credit.
If you spot information that is wrong on your credit record, report it, in writing, to the company who has listed wrong details concerning you, and deliver a copy to the credit reference agency as well.
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