Car Loans For Low Income People
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When you fill out an application for a loan or credit of any sort, whether it's a bank credit card or store card, a loan or a mortgage, for example, it will be necessary for you to undergo a credit check by the creditor that you are approaching for credit.
A credit check is a way for a potential creditor to evaluate your past and present financial history, including whether you meet your financial obligations on time, make late payments, or have failed to make payments. A credit check also includes other outstanding debts and any records of County Court Judgements (CCJ's) and other defaults.
This gives the creditor a report of what level of financial risk you will be should they decide to give you a loan - and what the chances are of getting their money back! Of course, no company is willing to give 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 is a number of bodies who compile this data concerning you - the major ones are Equifax and Experian.
Should you be thinking about taking out credit, ask for a copy of your credit file first. This will give you an opportunity to determine if all the information on it is right and challenge anything that is not right. For instance, just a small piece of mistaken information - say your credit file notes an existing debt that has been settled - could be the difference between being granted some kind of credit - or not.
For a copy of your credit file you have to get in touch with a credit record agency. They will charge you a small fee (about £2) and you will be sent a copy for you to look at.
Verify that your credit file records you on the electoral roll - if you are not there, this will have a damaging effect on your score. Also, financial 'associations' - where possibly a person who lives with you or has lived at your address previously has an unacceptable credit score - will affect your chances of getting any credit.
If you spot data that is wrong on your record, contact, in writing, the organisation who has given faulty details about you, and forward a copy to the credit record agency as well.
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