Consolidation Loan For People With Low Credit Rating
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When you apply for any credit, whether it is a credit or store card, a loan or a mortgage, for instance, you will be subjected to a credit check by the loan company that you are applying to for credit.
A credit check allows a loan provider to investigate your past and current financial history, which includes whether you settle your financial obligations on time, make late payments, or have not made payments. A credit check also shows any unpaid debts and any history of County Court Judgements (CCJ's) and additional failures.
This gives the creditor details of how much financial risk you present should they choose to give you a loan - and what chances they have of getting the money back! After all, no one desires to offer a loan to someone who won't pay it back on time or not at all! This checking process is referred to as credit scoring.
There are some organisations who have this financial information - the best known are Experian and Equifax.
In the event you are thinking about borrowing money, get a copy of the credit report first of all. This will allow you to check that all of your information in it is right and question anything that looks out of place. For example, only a tiny bit of erroneous information - say your credit report indicates an unpaid debt that has been paid - might be the determining factor for getting accepted for some kind of credit - or not.
To get a copy of your credit record you must contact a credit record agency. You will have to pay a small fee (around £2) and a copy will be sent to you for you to look at.
Make sure that your file includes you on the electoral roll - if you are not there, this will have a damaging consequence for your credit score. Also, financial 'associations' - where possibly someone who lives with you or who lived at your address before has a poor credit score - will have an influence on your chances of getting credit.
If you find data that is wrong on your credit file, get in touch, in writing, with the company who has included wrong information about you, and send out a copy to the credit record agency as well.
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