Credits Cards Loans For Bad Credit History
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When you attempt to get any kind of credit, whether it is a credit or store card, a mortgage or a loan, for instance, you will be subjected to a credit check by the company that you are asking for credit.
A credit check is a tool for a potential creditor to evaluate your previous and present financial history, including whether you meet your financial obligations on time, are late with payments, or have neglected payments. A credit check also reveals additional unsettled debts and any history of County Court Judgements (CCJ's) and additional defaults.
This then offers the creditor a report of what degree of financial risk you will be should they decide to give you credit - and what the chances are of getting the loan paid back! Of course, nobody desires to give money to someone who pays it back late or not at all! This checking procedure is referred to as credit scoring.
There is a number of agencies who hold this information about you - the most widely known are Equifax and Experian.
Should you be making a decision about applying for credit, get hold of a copy of your credit file beforehand. This is for you to check that all the information on it is accurate and point out anything that is questionable. For instance, just a little bit of erroneous information - say your file mentions an unpaid debt that has been paid - could be the key factor in getting accepted for a mortgage or loan - or not.
In order to obtain a copy of your file you must approach a credit reference agency. They will charge you a small amount (about £2) and they will send you a copy for you to look at.
Make sure that your record includes you on the electoral roll - if this is not so, this will have a detrimental consequence for your credit rating. Also, financial 'associations' - where perhaps another person who is living with you or lived at your address at one time has an inadequate credit score - will influence your likelihood of getting any credit.
If you find data that is false on your credit file, contact, in writing, the company who has listed incorrect data concerning you, and send a copy to the credit reference agency as well.
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