How Soon Can I Take A Secured Loan
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When you attempt to get any sort of 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 lender through whom you are seeking credit.
A credit check helps a lender to view your previous and present financial history, issues such as whether you meet your financial obligations on time, make late payments, or have failed to make payments. A credit check also presents other outstanding debts and also any County Court Judgements (CCJ's) and other lapses.
Consequently this offers the lender a picture of what type of financial risk you will be if they decide to lend to you - and the probability of getting the loan money back! After all, nobody is keen to offer money to someone who won't pay it back on time or doesn't pay at all! This checking practice is known as credit scoring.
There are a few bodies who hold this financial information - the most widely known are Experian and Equifax.
If you are in the process of thinking about borrowing money, request a copy of your credit file first of all. This means that you can determine if all of your information in it is accurate and question anything that is questionable. As an example, just a single item of incorrect information - maybe your file shows an existing debt that was covered - could significantly impact you getting accepted for a mortgage or loan - or not.
To get a copy of your credit file you will need to approach a credit record agency. You will be charged a small amount (around £2) and a copy will be sent to you for you to assess.
Confirm that your file includes you on the electoral roll - if not, this will have an adverse impact on your score. Also, financial 'associations' - where maybe someone else who lives with you or lived at your address at one time has an unacceptable credit rating - will influence your capacity to get credit.
If you find anything that is not correct on your file, report it, in writing, to the organisation who has included incorrect details regarding you, and forward a copy to the credit record agency as well.
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