Bad Credit Loan Incapacity
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When you fill out an application for any kind of credit, whether it is a credit or store card, a mortgage or a loan, for example, you will be subjected to a credit check by the loan provider that you are asking for credit.
A credit check is a method that allows a potential creditor to see your past and present financial history, issues such as whether you take care of your debts on time, make overdue payments, or have not made payments. A credit check also presents any unresolved debts and any records of County Court Judgements (CCJ's) and additional defaults.
This therefore offers the loan provider a report of what degree of risk you will be if they determine to lend to you - and what the chances are of getting the loan paid back! Naturally, no one is keen to lend money to someone who won't pay it back on time or defaults on it entirely! This checking process is known as credit scoring.
There are some agencies who store this data about you - the major ones are Equifax and Experian.
If you are thinking about taking out a loan, get hold of a copy of your credit file first of all. This means that you can examine if all the information in it is correct and question anything that is questionable. For example, only a tiny bit of wrong information - say your credit report notes an existing debt that was covered - could mean the difference between being granted a loan or mortgage - or not.
For a copy of your credit record you will need to make contact with one of the credit reference agencies. It will cost you a small fee (around £2) and they will send you a copy for your perusal.
Verify that your file records you on the electoral roll - if you are not on it, this will have a damaging consequence for your credit rating. Also, financial 'associations' - where possibly a person who lives with you or lived at your address at one time has a poor credit score - will have an impact on your chances of getting any credit.
If you come across data that is not correct on your record, inform, in writing, the company who has listed wrong details concerning you, and forward a copy to the credit reference agency as well.
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