Bad Credit Loans Get A Loan With Really Bad Credit Rating
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When you apply for any credit, whether it's a store card or credit card, a loan or a mortgage, for instance, you will undergo a credit check by the loan provider from whom you are requesting credit.
A credit check helps a lender to view your financial history, past and present, including whether you settle your financial obligations on time, make late payments, or have failed to make payments. A credit check also includes other unpaid debts and any history of County Court Judgements (CCJ's) and additional defaults.
This then offers the loan provider an idea of what type of risk you will be should they choose to lend you money - and the probability of getting the money they've lent you back! After all, there is no one who is keen to offer a loan to someone who doesn't make payments on time or defaults on it entirely! This checking process is called credit rating.
There are a few bodies who hold this data concerning you - the most widely known are Equifax and Experian.
When you are considering applying for credit, obtain a copy of your credit file before anything else. This will allow you to check that all the information included in it is correct and query anything that is questionable. As an example, even just one bit of wrong information - say your credit file indicates an unpaid debt that was paid - could be the key factor in being offered a loan or mortgage - or not.
To get a copy of your file you will need to approach a credit record agency. It will cost you a small amount (around £2) and a copy will be sent to you for your perusal.
Make sure that your file records you on the electoral roll - if you are not on it, this will have a detrimental effect on your credit score. Also, financial 'associations' - where perhaps another person who lives with you or has lived at your address previously has a weak credit score - will have an influence on your chances of getting credit.
If you spot information that is wrong on your credit record, get in touch, in writing, with the organisation who has put down wrong data regarding you, and deliver a copy to the credit reference agency too.
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