Guarnteed Secured Loans Bad Credit
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When you make a request for any credit, whether it is a credit or store card, a loan or a mortgage, for instance, you will undergo a credit check by the loan company that you are asking for credit.
A credit check is a way for a loan provider to view your financial history, past and present, including whether you service your debts on time, make overdue payments, or have not made payments. A credit check also indicates other outstanding amounts and any County Court Judgements (CCJ's) and additional defaults.
This then gives the creditor a profile of what degree of risk you present if they choose to lend you money - and the probability of getting the loan paid back! After all, no lender wants to lend money to someone who pays it back late or doesn't pay at all! This checking system is called credit scoring.
There are a few organisations who hold this information about you - the major ones are Experian and Equifax.
If you are in the process of making a decision about borrowing money, request a copy of the credit report first of all. This is for you to examine if all the information included in it is accurate and question anything that is not right. For instance, just a small piece of incorrect information - say your credit report notes an unresolved debt that has been dealt with - could be the difference between being granted a loan or mortgage - or not.
In order to obtain a copy of your file you must approach a credit record agency. You will have to pay a small fee (about £2) and you will be sent a copy for you to look at.
Check that your file shows you on the electoral roll - if you are not on it, this will have a damaging influence on your credit rating. Also, financial 'associations' - where possibly a person who is living with you or has lived at your address previously has an inadequate credit rating - will influence your capacity to get any credit.
If you notice information that is not correct on your credit record, report it, in writing, to the organisation who has included faulty information about you, and send out a copy to the credit reference agency as well.
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