Bad Credit History Car Loans
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When you fill out an application for any kind of credit, whether it's a store card or credit card, a mortgage or a loan, for example, it will be necessary for you to undergo a credit check by the loan company through whom you are seeking credit.
A credit check is a means for a loan provider to see your previous and present financial history, including whether you meet your financial obligations on time, make late payments, or have neglected payments. A credit check also presents any outstanding debts and any County Court Judgements (CCJ's) and other defaults.
Consequently this gives the loan company a picture of what kind of risk you present should they decide to give you credit - and what the chances are of getting the money back! After all, no one wishes to offer a loan to someone who doesn't make payments on time or not at all! This checking process is known as credit rating.
There are some agencies who have this financial information - the two main ones are Experian and Equifax.
In the event you are considering taking out a loan, get a copy of your credit file first. This is so that you can confirm that all the data on it is accurate and query anything that is not right. For instance, just a small piece of incorrect information - maybe your file indicates an outstanding debt that has been dealt with - could be the key factor in being granted a mortgage or loan - or not.
In order to get a copy of your credit record you will need to go through a credit record agency. You will be required to pay a small fee (around £2) and a copy will be sent to you for you to look through.
Ensure that your record shows you on the electoral roll - if this is not so, this will have a detrimental consequence for your score. Also, financial 'associations' - where possibly someone else who lives with you or previously lived at your address has an unacceptable credit rating - will influence the probability of getting credit.
If you see anything that is not correct on your file, get in touch, in writing, with the organisation who has put down faulty information about you, and forward a copy to the credit reference agency too.
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