Bad Credit Loan Lenders
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When you apply for any credit, whether it's a bank credit card or store card, a mortgage or a loan, for instance, you will undergo a credit check by the company from whom you are requesting credit.
A credit check is a way for a loan company to view your past and current financial history, issues such as whether you settle your debts on time, are late with payments, or have neglected payments. A credit check also indicates other unpaid debts and any County Court Judgements (CCJ's) and other lapses.
This then offers the company an idea of what level of financial risk you present should they decide to give you credit - and what the likelihood is of getting the money they've lent you back! In the end, no one is willing to give money to someone who pays it back late or defaults on it entirely! This checking system is known as credit rating.
There are a few bodies who have this financial information - the most widely known are Equifax and Experian.
If you are in the process of thinking about borrowing money, get hold of a copy of the credit report first. This means that you can check that all the information in it is right and challenge anything that is inaccurate. As an example, just a single item of erroneous information - maybe your file shows an unresolved debt that has been dealt with - could be the difference between being granted credit - or not.
To get a copy of your credit file you have to approach a credit record agency. You will have to pay a small fee (somewhere around £2) and you will be sent a copy for you to assess.
Make sure that your credit record records you on the electoral roll - if not, this will have a negative impact on your credit rating. Also, financial 'associations' - where possibly another person who is living with you or has lived at your address previously has an unacceptable credit score - will affect the probability of getting credit.
If you come across anything that is wrong on your record, make contact, in writing, with the company who has presented incorrect data regarding you, and send out a copy to the credit reference agency as well.
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