Bad Credit Score Low Apr Loans
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When you fill out an application for 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 company that you are applying to for credit.
A credit check helps a loan company to view your past and current financial history, including whether you pay off your debts on time, are late in making payments, or have missed payments. A credit check also includes other unsettled debts and any records of County Court Judgements (CCJ's) and additional defaults.
This offers the loan provider a report of what degree of financial risk you will be if they choose to lend you money - and what the likelihood is of getting the loan money back! Of course, no lender is keen to offer money to someone who won't pay it back on time or not at all! This checking process is termed credit rating.
There are several bodies who compile this financial information - the best known are Equifax and Experian.
If you are making a decision about applying for credit, obtain a copy of your credit file first. This will enable you to examine if all the information showing on it is accurate and query anything that looks wrong. For instance, just a single item of mistaken information - say your credit file records an unpaid debt that has been settled - could mean the difference between getting approved for some kind of credit - or not.
To get hold of your credit record you will need to approach a credit record agency. You will have to pay a small amount (about £2) and a copy will be sent to you for your perusal.
Make sure that your credit record shows you on the electoral roll - if you are not there, this will have a negative impact on your score. Also, financial 'associations' - where possibly another person who is living with you or previously lived at your address has an inadequate credit score - will have an influence on your likelihood of getting any credit.
If you find information that is false on your credit record, inform, in writing, the company who has included inaccurate data regarding you, and forward a copy to the credit record agency too.
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